<h5>What plans have been discussed regarding the world’s billionaires?</h5><p>The G20 is considering imposing a global minimum tax on the world's billionaires. This is being considered to avoid a situation in which the wealthiest individuals pay lower taxes than others. At a <a target="_blank" rel="noopener noreferrer" href="https://www.newsahoot.com/articles/g20-summit-2023-held-in-delhi">G20 meeting</a> in São Paulo, Brazil, finance ministers and central bank heads discussed this proposal.</p><p>Brazil's finance minister, Fernando Haddad, has pushed for adopting the policy. Brazil is also the current president of the G20. Bruno Le Maire, France's finance minister, also supported the plan. He has said that Europe should take the lead in its implementation.</p><figure class="image"><img src="https://firebasestorage.googleapis.com/v0/b/newsahoot.appspot.com/o/g20-leaders-new-plan-for-billionaires%2FG20.jpg?alt=media&amp;token=56640618-2251-484a-9b63-2d5cfc568b22"><figcaption>A photo from the meeting in São Paulo, Brazil. Photo by G20 Brasil.</figcaption></figure><h5>Do billionaires pay more taxes than ordinary citizens?</h5><p>The European Union (EU) Tax Observatory says wealthy individuals in large countries pay a significantly lower percentage of income tax than ordinary citizens. They also pay very little tax on their wealth.</p><p>Many billionaires find ways to avoid paying taxes or move to countries with lower tax rates, which makes it difficult for governments to obtain the money required to run a country.</p><p>Right now, as wealthy individuals are finding ways to pay less tax than ordinary citizens, the proposal wants to end this. The idea is to ensure that everyone pays their fair share of taxes for the betterment of their countries. A report published by the EU Tax Observatory said that taxing billionaires globally at a minimal rate might generate $250 billion per year.</p><p>The respective governments can use this money for the betterment of their countries.</p><h5>How soon can this policy be implemented?</h5><p>Placing a global minimum tax on billionaires would be difficult. Firstly, all the member countries of the G20 have to agree to this policy, which might take a long time. Also, more discussions must be held to address all the specific details required to implement such a tax rule.</p><p>So, do you think such a tax rule will help the countries develop? Tell us in the comments.</p>

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