In response to the letter members of Congress sent today to the Biden administration in support of a G20 effort on taxing ultra-wealthy individuals, Oxfam America’s Policy Lead for Economic and Racial Justice, Rebecca Riddell, said:
“The U.S. has an important opportunity here to advance global cooperation on taxing billionaires and to address extreme inequality. Taxing the ultra-wealthy is popular across countries—including in the U.S.—and it’s in our best interest to support this G20 effort. An ambitious, common-sense policy like this one would structure our economy to be stronger and fairer.
“President Biden has been a champion for fairer tax policies domestically, and the G20 effort is a critical chance to fortify that agenda on a global scale. International cooperation will only strengthen the Biden administration’s ability to tax the ultra-wealthy and battle inequality at home. That’s why lawmakers who care about tax fairness have come out in support of this proposal.
“It’s encouraging to see G20 countries discussing tax cooperation and the possibility of a global minimum standard for the very wealthiest. This effort, led by Brazil, is gaining real momentum. We commend Senator Sanders, Representative Omar, and other members of Congress for encouraging the Biden administration to back this initiative and ensure the world’s ultra-wealthy pay their fair share in taxes.”
Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal. Join us at oxfamamerica.org.
/ENDS
Notes to editors:
Read the full letter text here.
On June 8, the United States, via the “French-American Roadmap,” welcomed the initiative taken by the G20 Brazilian presidency on international tax cooperation, and affirmed its intention to increase efforts aimed at fair taxation of individuals.
Secretary Yellen has raised concerns about any deal that would redistribute revenue globally. Redistribution is not central to the current G20 proposal.
Polling consistently finds that most people across countries support raising taxes on the richest.