G20 Debates 2% Annual Wealth Tax on Billionaires to Raise $250 Billion

Finance officials from G20 countries discussed introducing a global minimum tax on billionaires' wealth at 2% to raise $250 billion per year.

The proposal aims to ensure the super-rich pay a fairer share of tax compared to ordinary people, as currently they can exploit loopholes.

Getting agreement among the G20 will be very difficult and could take years, although a precedent was set with the global corporate minimum tax.

Taxing billionaires is more complex than corporations as it's hard to determine which authorities have a claim on their wealth when they are so mobile.

Individual taxes like income, capital gains and social security also need harmonizing across borders, which adds to the complexity.