France’s Finance Minister Bruno Le Maire has called for a new push for a global minimum tax on the super-rich, following the success of a 15% minimum on multinationals. The aim is to prevent tax optimization by the wealthiest individuals, who can currently avoid paying the same level of tax as others. A study by the EU Tax Observatory suggests that a global minimum tax on billionaires could generate $250bn annually. France wants Europe to take the lead on this issue, in line with the global minimum corporate tax. Over 140 countries have already backed a 2021 agreement to apply a minimum corporate income tax of 15%. Brazil, as the current G20 president, also plans to initiate discussions on international measures to discourage the super-rich from using tax havens.
