Congress asks PM Modi’s stance as G20 debates on taxing super-rich
With the “billionaire tax” issue being discussed by G20 countries, the Congress has questioned Prime Minister Narendra Modi’s position on the matter and India’s stance at the upcoming G20 meet.
Congress general secretary Jairam Ramesh said that there is a global consensus that billionaires should pay their fair share of taxes.
“As proposed by Brazil — which now holds the annual rotational G20 Presidency — and endorsed by France, Spain, South Africa, and Germany, the world is moving towards a 2 per cent wealth tax on these billionaires,” he said in a post on X.
Ramesh added that India, with 167 billionaires, could generate 1.5 lakh crores annually from such a tax, funding essential public services like schools, hospitals, and renewable energy. He asked PM Modi to clarify India’s position on this issue at the G20 meeting in Rio de Janeiro later this month.
“What is the non-biological PM’s position on a ‘billionaire tax’? What will be India’s position when it will be discussed at the G20 meet in Rio de Janeiro later this month?” the Congress leader said.
Former presidents and prime ministers have sent an open letter to the leaders of the world’s 20 largest economies, urging them to support a global tax on billionaires. This initiative, proposed by Brazil during its G20 presidency, aims to gain backing at the upcoming finance ministers and central bank governors meeting in Rio de Janeiro.
The letter, signed by 19 Club de Madrid members, praised US president Joe Biden’s billionaire income tax proposal and said that there is the need for global cooperation to combat tax evasion by the wealthiest.
The signatories include prominent figures like Chile’s Michelle Bachelet, Sweden’s Stefan Lofven, and Spain’s Felipe Gonzalez.
Brazil’s proposal, crafted by French economist Gabriel Zucman from the EU Tax Observatory, suggests an annual 2 per cent levy on fortunes exceeding $1 billion, potentially raising up to $250 billion annually from about 3,000 people.