Oct 24

EU Tax Observatory calls for global minimum tax on billionaires

Billionaires pay minimal taxes, prompting the EU Tax Observatory to propose a global minimum tax for billionaires. This tax, according to CNN, could yield $250 billion annually, equivalent to 2% of the $13 trillion total wealth of 2,700 global billionaires. The observatory’s 2024 report shows that billionaires pay far less personal tax than average citizens, as they can shelter their wealth in shell companies to avoid income taxes.