A BLUEPRINT FOR A COORDINATED MINIMUM EFFECTIVE TAXATION STANDARD FOR ULTRA-HIGH-NET-WORTH INDIVIDUALS Background

In his speech, Zucman advocated for a coordinated minimum taxation standard on billionaires, a reform that would build on the previous steps of international cooperation to address the issue of low effective taxation of the super-rich. [...] Following the meeting, the Brazilian G20 Presidency commissioned a report to detail the feasibility of the proposal. [...] First, such standard needs to plug the gaps in international information exchange and in the identification of the beneficial owners of assets. [...] The Report argues that costs must be assessed in the context of (i) the observed pre-tax rate of return to wealth for ultra-rich, which has been globally around 7.5% on average per year (net of inflation) over the last four decades, and (ii) the current effective tax rate of billionaires, equivalent to 0.3% of their wealth. [...] In 2023, professor Zucman received the John Bates Clark medal of the American Economic Association, awarded to that economist under the age of forty who is judged to have made the most significant contribution to economic thought and knowledge.