G20 agree on Brazil's billionaire tax idea to effectively tax ultra rich

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G20 agree on Brazil's billionaire tax idea to effectively tax ultra rich - Business Standard

Quick Summary:

We think that all countries should make sure that their taxation systems are fair and progressive.

According to charity Oxfam, the richest 1 per cent have amassed $42 trillion in new wealth over the past decade, nearly 34 times more than the entire bottom 50 percent of the worldâ€™s population, deepening wealth inequality.

The world's 20 biggest economies (G20) agreed on Thursday to work together to ensure the ultra rich are effectively taxed, in a declaration that seeks a balance between national sovereignty and more cooperation on tax avoidance.