Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday.
If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said.
Billionaires' personal tax in the United States is estimated to be close to 0.5% and as low as zero in otherwise high-tax France, the Observatory estimated. Though a coordinated international push to tax billionaires could take years, the Observatory pointed to the example of governments' success in all but ending bank secrecy and reducing opportunities for multinationals to shift profits to low-tax countries.
"Something that many people thought would be impossible, now we know can actually be done," Zucman said. "The logical next step is to apply that logic to billionaires, and not only to multinational companies."
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