International scheme to tax billionaires' wealth technically feasible

A study led by French economist Gabriel Zucman suggests that an international scheme to tax the wealth of the world's 3,000 billionaires is technically feasible and could generate up to $250 billion annually in additional revenue. Zucman's report, commissioned by Brazil for the G20, proposes a global tax on billionaires, highlighting the low tax rates currently paid by the super-rich. The plan aims to ensure billionaires pay at least 2% of their wealth annually as a tax top-up to income tax. Zucman emphasizes the importance of progressive taxation and international cooperation to prevent a "race to the bottom" in tax policies. While the US opposes a global wealth tax, Zucman believes President Joe Biden's tax proposals align with the plan. The report suggests valuing billionaires' wealth, mostly held in shares, is relatively straightforward. The proposal will be discussed at the upcoming G20 meeting in Rio de Janeiro, with support from organizations like Oxfam International and advocates for fair taxation. Extending the plan to individuals with wealth over $100 million could raise an additional $100-140 billion annually.