Home » today » World » Brazil advocates that the rich pay taxes to reduce inequalities – 2024-03-01 04:51:14

Brazil advocates that the rich pay taxes to reduce inequalities – 2024-03-01 04:51:14


The Minister of Finance of Brazil, Fernando Haddad, proposed the creation of a global minimum tax on wealth so that billionaires can help reduce inequalities, during the opening of the meeting of the finance ministers of the G20 member countries. , which represent more than 80 percent of the world’s GDP, held in Sao Paulo.

Haddad proposed “redefining globalization”, adopting measures for sustainable development, reducing inequality and resolving conflicts.

“We need to admit that we still need to make the world’s billionaires pay their fair share in taxes,” he said.

In that sense, he defended the creation of a minimum tax on large fortunes which, according to him, “could constitute the third pillar of international tax cooperation.”

“We have reached an unsustainable situation in which the richest 1 percent own 43 percent of the world’s financial assets and emit the same amount of carbon as the poorest two-thirds of humanity,” he stressed.

However, according to the head of the portfolio, “the poorest countries must endure increasing environmental and economic costs, while seeing their exports threatened by a growing protectionist wave, as well as a significant part of their income compromised by debt service, in a scenario of high post-pandemic interest (Covid-19).”

Along these lines, he stated that “in a world in which work and capital are increasingly mobile, poverty and inequality have to be faced as global challenges, under the threat of the expansion of humanitarian and immigration crises.” .

As president of the group this year, Brazil raised the fight against hunger, poverty and inequalities as priorities for discussion. Likewise, the Brazilian ambassador and coordinator of the G20 Finance Channel, Tatiana Rosito, pointed out that the objective of this G20 meeting is to place inequality at the center of economic policy.

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