G20 prepares to tax the billionaires

Brazil, who now has the Presidency of the G20, has made a proposal to impose minimum 2 per cent tax on billionaires for the Group 20 countries. Group 20 countries’ summit has been scheduled on November 18-19. Finance ministers from rich countries have agreed to work on tax upon the super-rich for a joint declaration during the upcoming summit. France, Spain and South Africa have expressed support to Brazil’s proposal while the US is against it.