G20 nations agree to work together towards taxing super rich

Rio de Janeiro: G20 nations have agreed to work together to make the super-rich pay their taxes, but stopped short of a more substantial deal, according to a declaration adopted Friday after a meeting of finance ministers in Rio de Janeiro, Brazil.

The thorny topic of tackling tax-dodging billionaires dominated the two-day meeting in the Brazilian city, which will host the next G20 summit in November.

India, which has at least 200 billionaires, is currently debating this tax reform after a research paper co-authored by economist Thomas Piketty recently proposed a 2% tax on net wealth exceeding Rs 10 crore and a 33% percent inheritance tax, and a recent survey found over 74 percent citizens supporting a tax on the rich, to deal with the rising income inequality issue in the country.

The initiative to tax the super rich is a key priority for Brazilian President Luiz Inacio Lula da Silva, who heads this year’s G20 grouping, which includes the world’s major economies.