G20 Considers Minimum 2% Wealth Tax on Billionaires to End Tax Avoidance

• G20 exploring minimum tax on world's 3,000 billionaires to end "race to the bottom" enabling the super-rich to pay less tax than others • Aims to build on 15% minimum corporate tax agreement; led by Brazil's President Lula and backed by France • Proposal is 2% annual wealth tax on billionaires, which could raise $250bn per year from estimated billionaire wealth of $13tn • Mechanism based on global corporate minimum tax agreement, but took a decade of negotiations before being implemented • Comes as global cooperation fraying, with countries reluctant to impose higher taxes or ratify corporate minimum tax deal