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The super-rich may be afraid: the European Union may impose a minimum tax on them

The super-rich may be afraid: the European Union may impose a minimum tax on them

The European Tax Observatory has proposed a new strategy in the global battle against tax evasion:

Global minimum tax for billionaires

According to the Paris-based research group, this procedure has potential It could bring in $250 billion a year, and it probably wouldn’t drive the wealthy off the ground as much then

This amount will represent only 2% of the total of approximately $13 trillion out of the world’s 2,700 billionaires.

The current effective personal tax rate for billionaires is often much lower than the tax rate imposed on taxpayers with smaller assets. This discrepancy is due to the fact that Ultra-rich individuals often store their wealth in various front companiesThus avoiding income tax. The practice was also highlighted in the organization’s 2024 Global Tax Evasion Report.

Gabriel Zucman, director of the Observatory, expressed concern about this, saying it could “undermine the sustainability of tax systems and the social acceptability of taxes.” He pointed this out Personal taxes imposed on billionaires in countries such as the United States and France are estimated at approximately 0.5% and zero, respectively..

Efforts to impose minimum taxes on billionaires are moving slowly around the world. US President Joe Biden’s proposal that the minimum tax to be imposed on the richest 0.01% of the population should be 25% is still gathering dust, because according to reason, there are other, more pressing legislative problems.

However, Zucman noted that international cooperation has previously achieved successful results in the fight against tax evasion. For example, banking secrecy has been virtually abolished, and opportunities for multinational corporations to shift their profits to areas where taxes are low have diminished.

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Source: Reuters

Cover image source: Shutterstock

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