Congress on Friday asked Prime Minister Narendra Modi to clear his position on imposing a wealth tax on billionaires. Noting that a meeting of G20 Finance Ministers is slated to discuss a proposal in this regard later this month, Congress General Secretary (Communications) Jairam Ramesh said there is a growing consensus among the global community that billionaires must pay their fair share of taxes.
In a post on ‘X’, Ramesh said the world is moving towards a 2 per cent wealth tax on billionaires, as proposed by Brazil, which now holds the annual rotational G20 Presidency.
"All over the world, there is a growing consensus that billionaires must pay their fair share of taxes. As proposed by Brazil - which now holds the annual rotational G20 Presidency - and endorsed by France, Spain, South Africa, and Germany, the world is moving towards a 2% wealth tax on these billionaires. India has 167 dollar billionaires. A 2% wealth tax would raise 1.5 lakh crores each year - almost 0.5% of our GDP." the Congress leader said.
"This could pay for schools, hospitals, renewable energy, and many more essential investments in the future of our country. What is the non-biological PM’s position on a “billionaire tax”? What will be India's position when it will be discussed at the G-20 meet in Rio de Janeiro later this month," he added.
Ramesh also shared a media report which said former presidents and prime ministers have sent an open letter to current leaders of the world's 20 largest economies urging support for a global tax on billionaires.
Brazil's G20 presidency has put the tax proposal on the table as it seeks to build support for a declaration at the group’s Finance Ministers and central bank Governors meeting later this month.