As finance ministers from G20 countries prepare to meet next month. A new poll has revealed that there is overwhelming public support for imposing a tax on the ultra-rich. The survey, which was carry out by Earth 4 All initiative and Global Commons Alliance. Showed that 68 per cent of people in G20 nations saw such a tax as an alternative solution to global food insecurity. Inequality between economies and the environmental emergency. This support is particularly strong in India where 74% of respondents are currently advocating for.
The study involved 22,000 citizens from the largest world economies revealing an emerging worldwide consensus around progressive taxation. This proposition has been gaining traction since at least 2013.
Brazil which holds the current presidency of the G20 seeks to build unity on wealth taxation and may try to secure a joint communiqué during the G20 finance ministers meeting in July. One major supporter of Brazil’s proposal is French economist Gabriel Zucman. Who will issue a report on Tuesday showing how a global minimum tax on super-rich could be done and how much it could bring in.
He asserts that rich people pay hardly any income taxes as compared to ordinary citizens. His idea suggests establishing another international norm calling for billionaires all over the world to give up no less than two percent of their net worth each year.
Owen Gaffney, co-lead with Earth 4 All, said this indicates overwhelming support for radical change among Indians. “A big commitment demanded by Indians,”. Says Owen Gaffney “68 % demand transformational changes across all economic sectors within ten years.” He added: “That’s a mandate for planetary stewardship.”
According to this research, seventy-four percent (74%) of Indians back taxing wealth itself. There is also wide consensus behind levying high incomes and corporations for climate purposes plus application of ‘polluter pays’ principle and redistribution of income across nations.
Additionally, universal basic income enjoys approval from 71 per cent of the populace. While 74 per cent are for healthy diets reducing emissions and 76 percent wish to have a better work-life balance. Moreover, they believe that within the next ten years all aspects of economy must change drastically including the generation of electricity, transport, buildings, industry, food.
Moreover, there is an impressive number of Indian respondents (81%). Who advocate for “wellbeing economies” that prioritize health and the environment over narrow economic growth.
This upcoming finance ministers’ meeting in G20 will be closely watch as nations discuss this game-changing idea on wealth taxation. Which could reframe global economic policy-making and address existential problems faced by our planet.
