G20's Commitment to Taxing the Super-Rich: A Step Forward, But the Fight Continues, Says Fight Inequality Alliance

19 November 2024

The Fight Inequality Alliance (FIA), a global movement committed to addressing inequality, welcomes the acknowledgment of progressive taxation in the G20 Rio de Janeiro Leaders’ Declaration. While the G20 has reaffirmed its commitment to taxing the super-rich and fostering fairer tax systems, FIA emphasises that urgent action is needed to turn these commitments into transformative change.

Jenny Ricks, General Secretary of FIA, said, “The G20 summit has reaffirmed a global commitment to taxing the super rich, which is progress we’ve been fighting for – but we still have a long way to go to make this a reality.”

The Fight for Tax Justice and Equality

The G20 Rio de Janeiro Leaders’ Declaration highlights the importance of progressive taxation in reducing domestic inequalities and addressing harmful tax practices. It also underlines the need for international cooperation to ensure that ultra-high-net-worth individuals contribute their fair share.

Responding to the commitments, Ricks noted the challenges ahead:
“We live in the era of the billionaire, but we need to move to the era of the 99%. This shift won’t come easily. The US elections have shown how the super-rich can use their wealth and power to influence policies and shape the outcomes of elections. Leaders like Trump in the US and Javier Milei in Argentina are actively working to derail international cooperation, while politicians around the world fail to oppose the vested interests that continue to benefit from such unequal societies.

We will fight harder than ever before to transform the rhetoric on taxing the rich into a global reality. We need more equal societies in which the richest no longer hold all the power and wealth, with devastating consequences. We need to redistribute the wealth of the super-rich to fund vital public services and the response to climate change. Such a transformation is essential to creating the alternative we seek to today’s broken system.”

FIA stresses that rhetoric alone will not address systemic inequality.

About Fight Inequality Alliance

The Fight Inequality Alliance (FIA) is a growing global movement of people, organizations, and social movements united in the struggle to address inequality in all its forms. Together, we envision a world where power and wealth are redistributed to create a just, equal, and sustainable society. To know more visit www.fightinequality.org.

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