G20 finance ministers agree to work toward effectively taxing the super-rich

Associated Press

RIO DE JANEIRO (AP) — Finance ministers from leading rich and developing nations have agreed to strive toward effectively taxing the super-rich. A joint ministerial declaration issued Friday after the meeting in Rio de Janeiro said: “With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed.” Brazil has made a proposal to impose a 2% minimum tax on billionaires’ wealth a top priority of its presidency of the Group of 20, ahead of the Nov. 18-19 summit in Rio. While the declaration stops short of agreeing on a specific global tax, Brazil’s Finance Haddad nevertheless hailed what he termed a “significant step forward.”