Study: Global Minimum Tax on Billionaires Could Raise $250 Billion a Year
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A global minimum tax on billionaires could raise $250 billion annually, equivalent to 2% of their $13 trillion in wealth, according to a study.
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Billionaires often pay far less in personal taxes than average taxpayers because they can shelter wealth in shell companies.
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In the U.S., billionaire taxes are estimated at 0.5% and near 0% in France despite its high taxes.
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Governments have had success combating tax evasion through initiatives like automatic exchange of bank account info and a global 15% corporate minimum tax.
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A "coalition of willing countries" could unilaterally implement a billionaire minimum tax even without broad international agreement.