FRANCE BACKS GLOBAL MINIMUM TAX ON BILLIONAIRES AT G20

France is advocating for a renewed effort to establish a global minimum tax targeting the ultra-wealthy, following the implementation of a 15% minimum tax on multinational corporations scheduled for this year. This proposal aims to build on the success of the corporate minimum tax and address disparities in personal taxation among the super-rich.

A study conducted by the EU Tax Observatory in October highlighted the potential impact of a global minimum tax on billionaires. According to the research group, such a tax could generate approximately $250 billion in annual revenue. This amount represents around 2% of the collective wealth of the world's 2,700 billionaires, which totals nearly $13 trillion. Currently, many billionaires benefit from effective personal tax rates that are significantly lower than those paid by individuals with more modest incomes. This discrepancy often arises from the ability of billionaires to register assets in shell companies, thereby shielding them from standard income tax obligations. The proposed global minimum tax seeks to address this issue by establishing a more equitable tax framework for the ultra-wealthy.

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