BRASILIA (dpa-AFX) - Spain and Brazil have launched a joint initiative to promote higher tax contributions from the super-rich worldwide, aimed at tackling soaring inequality by ensuring those with the most pay their fair share.
Presented during the UN's 4th International Conference on Financing for Development in Sevilla, Spain, the proposal highlights a growing problem: the richest individuals often contribute less to public finances than ordinary taxpayers, thanks to lower effective tax rates and legal loopholes.
'Our countries need more and more public revenues to meet their needs. Inequality is a problem everywhere and the richest pay less than the middle class - even less than lower-income taxpayers,' said Spain's Secretary of State for Finance Jesús Gascón, during a press conference.
The two governments are calling on others to join a drive for a fairer, more progressive global tax system. They point to a stark reality: the wealthiest one per cent of the global population owns more than 95 per cent of humanity combined.
Spain and Brazil are even considering steps toward a global wealth registry - acknowledging that this would take time, political will and major national efforts.
'We cannot tolerate the intensity of inequality, which has been increasing in recent years,' said Brazil's Minister-Counsellor to the UN, José Gilberto Scandiucci, denying that this was some kind of far-leftist agenda.
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