Lula’s Billionaire Tax Kicked Into Distant Future as G-20 Sets Limits
- Finance ministers seen backing an OECD study on tax fairness
- New proposal seen as face-saving gesture to Brazil’s president
Luiz Inacio Lula da Silva’s plan was designed to close loopholes that allow the world’s super-wealthy to pay what many consider to be unfairly low tax rates.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Global finance leaders are poised to set limits on Brazilian President Luiz Inacio Lula da Silva’s call for a global tax on billionaires, consigning the initiative to research on taxation and inequality that could take years to deliver results.
Group of 20 finance ministers gathering this week in Rio de Janeiro will likely issue a joint declaration on Thursday calling for studies on how governments can increase transparency and fairness when it comes to taxing individuals, according to officials from multiple countries attending the meetings.