"Study suggests global billionaire tax could generate $250 billion annually"

The EU Tax Observatory has proposed implementing a global minimum tax on billionaires, which could generate $250 billion annually. Currently, billionaires often pay lower effective personal taxes by sheltering their wealth in shell companies. The observatory argues that this undermines tax systems and the social acceptability of taxation. Wealth inequality and the need for additional revenue to address aging populations, climate transition, and COVID debt have fueled calls for the wealthiest individuals to bear a greater tax burden. While a coordinated international effort may take time, the observatory suggests that a "coalition of willing countries" could lead the way. The success of ending bank secrecy and implementing a global minimum tax on corporations provides a precedent for such action.