Bratislava, September 13 – Financial officials from the world’s largest economies, including G20 countries, have been discussing the potential introduction of a global minimum tax for billionaires. This new tax, aimed at the ultra-wealthy, could be set around 2%, according to Josef Podlipný, head of trade at Fichtner Wealth Managers, as reported on Friday.
Wealthy Pay Less Than Ordinary Citizens
“Super-rich individuals pay a much smaller portion of their income in taxes compared to regular citizens in major countries,” explained Podlipný. He noted that billionaire wealth is often taxed minimally, between 0% and 0.5%. Additionally, media reports have highlighted the trend of billionaires relocating to countries with lower tax rates, which deprives governments of critical revenue at a time of rapidly rising debt levels.
| Tax Rate for Billionaires | Current Level | Proposed Minimum Tax |
|---|---|---|
| 0% – 0.5% | Varies by country | 2% |
Transparency and Tax Utilization
One of the critical elements of implementing such a tax, according to Podlipný, would be ensuring transparency. Clear communication about how the revenue generated would be used in public finance is essential. He also suggested that billionaires could be involved in the decision-making process regarding the distribution of the taxed wealth, which could encourage their cooperation and active participation in supporting local projects and communities.
Protecting Wealth While Implementing Taxes
Podlipný emphasized that any economic model for valuing wealth must respect the need to maintain its value. The tax base should account for reasonable expenses required to preserve the value of assets. This approach would ensure that wealthy individuals are not unfairly disadvantaged and that their wealth is not artificially diminished by excessive taxation.
Complexity of the Global Billionaire Tax
Podlipný acknowledged that the global billionaire tax is a complex and challenging project, requiring careful consideration of numerous factors. Only if transparency, the opportunity for billionaires to influence the use of their taxes, and fair valuation of their wealth are ensured, will an effective tax system be achieved, he concluded.
Key Keywords:
global billionaire tax, G20 tax talks, wealth tax transparency, tax base valuation, ultra-wealthy taxation, billionaire wealth preservation, 2% minimum tax, public finance transparency
