Summary
Spain’s economy minister, Carlos Cuerpo, is urging G20 nations to support a global wealth tax on billionaires, targeting a 2% minimum tax on assets to raise $250 billion annually.
Backed by Brazil, France, and Germany, the initiative aims to fund climate action and green investments.
Cuerpo highlighted growing public demand for wealth redistribution, especially as climate crises worsen, like Spain’s recent deadly floods.
The proposal mirrors the global minimum tax on multinationals and seeks international coordination to overcome political resistance from wealthy elites and lobbyists.
And importantly, isn’t that the point of proposing a global wealth tax? Unless they plan on taking their wealth to Mars, they’ll be stuck paying in, were everyone to play along.
Yes, I know, wishful thinking, but that is the proposal.