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Finance ministers from the world’s major industrialized nations within the G20 have unanimously agreed to devise strategies for taxing the world’s wealthiest individuals.
In their statement, the ministers noted that they are seeking international alignment and further cooperation to close loopholes allowing the super-rich to evade taxes.
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Brazil, which holds the rotating presidency of the G20, proposed a two percent tax on individuals with wealth exceeding one billion U.S. dollars.
Although there was no consensus on the exact tax rate, Brazilian Finance Minister Fernando Haddad stated that significant progress has been made.
The proposal to tax ultra-wealthy individuals has created divisions among G20 member countries.
France, Spain, and South Africa have supported the proposal, while the United States has opposed it.v
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