by Martin Armstrong, Armstrong Economics:
Brazilian President Luiz Inácio Lula da Silva is backing a global coalition along with the G20 nations to implement a global wealth tax. Lula believes there must be a 2% minimum tax on wealthiest 3,000 individuals, worldwide, in order to redirect those funds into climate change initatives. Finance ministers believe this could raise up to $250 billion a year and the money will be spent as the global conglomerate feels fit.
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Lula is framing this as a moral obligation. “Our feeling is that, morally, nobody’s against,” Brazil’s climate change national secretary, Ana Toni, explained to news outlets. She further explained that a lofty cause such as climate change framed the hunt for taxes a humanitarian issue. There are still discussions regarding how the tax will actually be spent, but that has not prevented Lula and the G20 from arbitrarily picking a 2% tax penalty.
“With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” a statement read to the G20 said. “Wealth and income inequalities are undermining economic growth and social cohesion and aggravating social vulnerabilities.”
Brazil would also like to judge who may and may not use fossil fuels. Climate Secretary Toni explained that Brazil has the authority to ramp up oil and gas production because it is the best choice for its economy. She believes that fossil fuel remains “vital for development” but only in the countries they deem deserve the economic boost. Yet, ALL nations were profiting on these essential resources and have suffered as a result of the net zero rules that have done absolutely nothing to prevent cyclically occurring weather patterns.
The United States and Germany remain skeptical about implementing this global tax. US Treasury Secretary Janet Yellen boasted that the US helped to mobilize $116 toward green agendas in 2022 alone. Yellen would like nations to pledge another $2 billion to the Pandemic Fund to offset “the enormous human and economic costs from potential future pandemics like COVID-19.” Even in 2024, they are still using COVID-19 as an excuse to collect our money. The US has already set aside $667 million to the global Pandemic Fund and plans to be the “leader” in generating funding for all of these pointless initiatives that can never yield results. So while the US may be hesitant to implement this global wealth tax, rest assured it is only because Uncle Sam wants to put his hand out for the proceeds first.
“It should be at a global level because otherwise, obviously, rich people will move from one country to another,” Toni continued to explain. So they are adamant about collecting 2% from the top earners BUT they have no concrete plan on how they will spend the money. This hunt is clearly meant to target the rich, playing on class warfare, with no real plan or backing.
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