A group of former world leaders has united to urge the G-20 nations and President Biden to enact a global tax on the ultra-rich. The tax would aim to tackle wealth inequality and raise funds for social programs and climate change, whose costs are “borne disproportionately” by the poorest in society, according to a letter published in the Sunday edition of Le Monde.
The letter was signed by over 100 former heads of state, including former Colombian President Juan Manuel Santos, former Australian Prime Minister Kevin Rudd, and former French Prime Minister Cécile Duflot. The co-signers note that despite the great wealth accumulated by the ultra-rich, there are still “billions of people in the world living in poverty.”
The group proposes a tax on individuals with net worths over $5 billion, which would equate to a rate of 1% per year. They argue that such a tax could raise over $300 billion annually, which could be used to fund health care, education, environmental initiatives, and other social programs.
While the proposal has garnered support from some progressive politicians and activists, it is likely to face opposition from those who believe that taxation is a matter for individual governments, rather than an issue to be tackled at the global level. Nonetheless, the proposal is sure to provoke debate and discussion about the most effective ways to address wealth inequality and support social programs in the current political climate.
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