Wealth Tax
Congress again asks what would be Modi's stance at G20 on billionaire tax
This story was originally published at 13:53 IST on 9 September 2024
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NEW DELHI – The Congress has again questioned today what stance would Prime Minister Narendra Modi take at the forthcoming G20 meeting on the proposal of imposing 2% wealth tax on the super rich, as many member countries are pushing for the "billionaire tax".
"For the November 2024 summit, Brazil has floated a proposal for a 2% wealth tax on dollar billionaires. This proposal has been supported already by France, Spain, South Africa, and Germany. India has been conspicuously silent on it. What will be our country's position on this proposal when it is debated," Congress spokesperson Jairam Ramesh questioned. “It is not irrelevant for us since, according to one new report, India has 334 dollar billionaires worth over $1 billion,” Ramesh said.
Brazil's proposal has been crafted by French economist Gabriel Zucman from the EU Tax Observatory, suggesting an international standard to tax billionaires. The Gabriel Zucman report presents a proposal for an internationally coordinated standard ensuring effective taxation of ultra-high-net-worth individuals. In the baseline proposal, individuals with fortunes exceeding $1 bln would be required to pay a minimum 2% tax annually. This standard could be flexibly implemented by participating countries through a variety of domestic instruments, including a presumptive income tax, an income tax on a broad notion of income, or a wealth tax.
The next G20 Leaders' Summit is scheduled to be held during Nov 18-19 in Rio de Janeiro, Brazil, and will be attended by 19 member countries, along with the African Union and the European Union. End
Reported by Shahid K Abbas
Edited by Deepshikha Bhardwaj
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