📷 Image Credits: Deccan Herald
As G20 finance ministers gear up to discuss a wealth tax on the super-rich next month, a recent survey has highlighted the strong support in India for such a measure. According to the survey conducted by the Earth4All initiative and Global Commons Alliance, 74% of Indians are in favor of taxing the super-rich to tackle issues such as global inequality, hunger, and climate change.
The survey, which covered 22,000 citizens in the world’s largest economies, indicates a significant backing for the idea of taxing the wealthy to address pressing global concerns. The proposal for a wealth tax on the super-rich has been under consideration since 2013, with growing international support over the years.
Brazil, currently holding the presidency of the G20, is working towards consensus on the taxation of wealth and is likely to advocate for a joint declaration at the upcoming G20 finance ministers meeting in July. French economist Gabriel Zucman, a key figure behind Brazil’s proposal, is set to release a report outlining the potential of a global minimum tax on the ultra-rich.
The survey also revealed that Indians are demanding substantial reforms across various economic sectors within the next decade. A majority of respondents support policies such as taxing high incomes and corporations to fund climate initiatives, adopting a ‘polluter pays’ approach, and endorsing a universal basic income. Additionally, there is strong support for measures promoting healthy diets to reduce emissions and achieving a better work-life balance.
Furthermore, the survey highlighted that 68% of Indians believe that urgent action is needed in the next decade across key sectors like electricity generation, transport, buildings, industry, and food. The data also shows a widespread endorsement for transitioning to ‘wellbeing economies’ that prioritize health and the environment over strict economic growth.
The findings of the survey underscore a growing consensus in India for progressive taxation policies and measures to address global challenges. With a majority of Indians calling for action on climate change, inequality, and hunger, the support for taxing the super-rich to fund initiatives in these areas is notably strong.
