France backs global minimum tax on billionaires at G20 : vim

France backs global minimum tax on billionaires at G20

France wants a new push for a global minimum tax on the super-rich, building on the success of a 15% minimum on multinationals taking effect this year, Finance Minister Bruno Le Maire said on Wednesday. A study in October from the EU Tax Observatory, a research group, said that a global minimum tax on billionaires could raise $250 billion annually, equivalent to 2% of the nearly $13 trillion in wealth owned by 2,700 billionaires globally. Currently, billionaires' effective personal tax is often far less than what other taxpayers of more modest means pay because they can register assets in shell companies protecting them from income tax, the group said.

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