Former Leaders Advocate Global Billionaire Tax in Open Letter to G20

A group of former presidents and prime ministers has written an open letter to current G20 leaders, advocating for a global tax on billionaires. The proposal, initiated by Brazil's G20 presidency, seeks to build support for a declaration later this month. The letter highlights the need for joint international cooperation to combat tax evasion by the wealthiest, praising U.S. President Joe Biden's efforts while urging further action.

In a recent open letter, former presidents and prime ministers have called on current G20 leaders to support a global billionaire tax. The letter, backed by 19 members of Club de Madrid, highlights a rare political opportunity to combat tax evasion vigorously.

Brazil's G20 presidency has brought this proposal to the table, aiming to secure support in an upcoming meeting in Rio de Janeiro. The letter lauds U.S. President Joe Biden's billionaire tax proposal but insists on broad international cooperation for effective implementation.

The proposed tax, designed by economist Gabriel Zucman, suggests a 2% annual levy on fortunes exceeding $1 billion. While some G7 nations have expressed reservations, others like France, Spain, and South Africa have shown support, signaling a contentious debate ahead.