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The work, although using data from 2019, confirms that, in Brazil, the richest 1% concentrate 27.4% of total income, and dollar millionaires in Brazil (that is, those who receive more than approximately R$5.5 million in annual income) have much lower effective tax rates than the rest of the...

“This makes Brazil one of the most unequal countries in the world,” says French economist Gabriel Zucman, who led the study.

Further supporting this concern, research from the EU Tax Observatory showed that jurisdictions with high-risk CBI programmes, such as Dominica, St. Lucia, Cyprus, Grenada, Malta and Vanautu, saw bank deposits in tax havens increase up to 55 percent after their CBI schemes were launched or expanded.

"The non-domestic population is not comparable with the population targeted by the Zucman tax, because they have far fewer family and cultural ties to their country, which means they are more likely to leave," Quentin Parrinello.

So far, the United States has shown clear reluctance toward tax multilateralism. The European Union should take a progressive view of international taxation and make it a priority.

At a time of spiraling public finances and the explosion of extreme wealth, creating a minimum tax on the wealth of billionaires should be a priority, Nobel Prize winners in economics believe in an article in "Le Monde."

According to Professor Annette Alstadsæter, deferring wealth tax could be a start, but she also wants to increase the basic deduction tenfold and tighten up the exemption method.

Other examples include the proposals of ICRICT and those of French economist Gabriel Zucman, within the framework of Brazil's G-20 presidency, for the creation of a global wealth tax, which is estimated to raise an additional $250 billion annually.

Last year Spain, Brazil, Germany and South Africa signed a motion at the G20 for a minimum 2% tax on the super-rich to reduce inequality and raise public funds. Forecasts on its potential impact vary, but a study by Gabriel Zucman found that it could net up to $250bn in extra revenue.

As US income taxation comes under threat, and as the effects of US policies are exported abroad, the concentration of wealth could accelerate worldwide. But it is not too late for other countries to step in and halt the globalization of plutocracy.