Haddad proposes that the Global South lead the debate on taxing the super-rich.
The Finance Minister says that "individual fortunes are reaching unimaginable levels," justifying the debate about taxing large fortunes.
(Reuters)- Finance Minister Fernando Haddad stated this Friday that the world needs to rethink taxation on the super-rich, arguing that the tax rates applied to these individuals have fallen significantly in recent decades, leading to income concentration reaching "unimaginable levels."
At a seminar held by the New Development Bank (NDB) in Rio de Janeiro, the minister stated that without initiatives of this kind, it will be difficult to obtain resources to face challenges facing economies, such as changes in labor markets with the advancement of artificial intelligence.
“Individual fortunes are reaching unimaginable levels. On a planet with 8 billion inhabitants, 3.000 families accumulate a wealth of US$15 trillion. If we don't dare a little, if we don't go beyond financing mechanisms, we will have great difficulty facing the challenges,” he said.
The minister stressed that this debate is taking place amid a worsening fiscal situation in countries following the Covid-19 pandemic.
