A new survey reveals enormous community support for a wealth tax on the super-rich as the G20 finance ministers prepare for their meeting next quarter. The study, conducted by the Earth4All action and Global Commons Alliance, found that 68 per cent of people in G20 countries support the idea as a means to address global starvation, injustice, and the climate crisis. In India, where 74 % of respondents are in favor, there is a particularly strong level of support.
The study covered 22, 000 residents across the country’s largest economies, highlighting a growing global consensus for democratic tax. This plan, under dialogue since at least 2013, has garnered increasing aid over the years.
At the future G20 finance ministers ‘ upcoming meeting in July, Brazil, who is currently in charge of the G20, is expected to drive for a joint declaration. European scholar Gabriel Zucman, who is scheduled to release a statement on Tuesday detailing the implementation and potential profits of a global minimal taxes on the ultra-rich, is a key supporter of Brazil’s effort.
Zucman contends that the super-rich pay considerably less income than regular people. His plan calls for billionaires to pay at least 2 % of their success every in taxes in all nations.
Owen Gaffney, inc- guide of Earth4All, emphasized the solid support for substantial reforms among Indians. ” Indians want a significant change in climate and nature; by the year 2050, 68 % of people want significant changes in all economic sectors. He claimed that this is an important role for celestial management.
According to the survey, 74 % of Indians favor a wealth tax. Additionally, there is strong support for a “polluter pays” method and income redistribution in favor of taxing higher income individuals and businesses to finance climate initiatives.
Also, 71 per cent of Indians endorse universal basic income, 74 per cent aid policies that promote good diets to lower emissions, and 76 per cent seek a better function- life balance. However, 68 per cent believe that dramatic action is needed across all sectors of the economy within the next decade, including power generation, transportation, buildings, economy, and food.
A surprising 81 % of Indian respondents back a move toward “wellbeing economy,” which prioritize health and the atmosphere over sluggish economic growth.
As nations discussion this revolutionary approach to wealth taxation that has the power to reshape international monetary policies and address pressing issues facing the planet, watch carefully for the forthcoming G20 finance ministers ‘ meeting.
