Brazil has suggested a 2% wealth tax on billionaires worldwide to raise $250 billion annually for addressing climate change, though it faces skepticism from some countries.
Fiona Harvey reports for The Guardian.
In short:
- Brazil's proposed tax would apply to individuals with assets exceeding $1 billion and aims to fund climate change initiatives.
- While the plan has gained moral support from G20 ministers, implementation faces challenges, including resistance from countries like the U.S.
- The proposal highlights disparities in global wealth distribution, with the top 1% holding vastly more wealth than the bottom half of the population.
Key quote:
“Our feeling is that, morally, nobody’s against. But the level of support from some countries is bigger than others.”
— Ana Toni, Brazil's national secretary for climate change
Why this matters:
The proposed wealth tax underscores the need for innovative solutions to fund climate change initiatives and address economic inequality. Wealth distribution plays a crucial role in how effectively countries can implement policies to tackle global warming.
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