A proposal to tax the rich is gaining traction. But is it feasible?

Published August 5, 2024 at 7:27 AM EDT

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Brazil's Economy Minister Fernando Haddad (L) and US Treasury Secretary Janet Yellen sign an agreement during the G20 economic ministers' meeting in Rio de Janeiro, Brazil, on July 26.

Over the last decade, calls to tax the rich have grown louder around the world — but the needle hasn't exactly moved.

Now, the Brazilian government has a new proposal: a 2 percent global wealth tax on the uber-rich. It would impact the 3,000 wealthiest people around the world.

Economists say this 2 percent hike would unlock an extra $250 billion per year. That money could go toward addressing a number of issues, like climate change and global poverty.

G20 nations would have to agree on this proposal before it goes anywhere — and so far, that's not happening. France, Spain, South Africa and several other nations have voiced support, but the U.S. and Germany aren't on board.

Is a global wealth tax a feasible solution?

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