G20 nations have agreed to work together to make the superrich pay their taxes, but stopped short of a broader agreement.
Finance ministers from the G20 nations agreed to work toward effectivelytaxing the superrich, according to a statement adopted Friday after a meeting in Rio de Janeiro.
“With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” the statement said.
“Wealth and income inequalities are undermining economic growth and social cohesion and aggravating social vulnerabilities,” it added.
The sensitive issue of cracking down on tax-dodging billionaires dominated the two-day meeting in the Brazilian city that will host a G20 summit in November.
International Monetary Fund chief Kristalina Georgieva welcomed the G20’s stance on “tax fairness,” calling the decision to cooperate on taxing the ultrarich “timely and welcome.”
Oh certainly. I wasn’t suggesting not taking steps to improve the situation. But I’m advocating for each country (or perhaps even the G20 itself) establishing a similar set of rules, penalties, and aggressive enforcement. Anything else will leave loopholes and be a half-measure.