Survey reveals 74% Indians in favour of taxing super-rich; check details

As G20 finance ministers prepare to convene next month, a survey covering 22,000 citizens from the world’s largest economies found that the respondents overwhelmingly support charging a wealth tax on the super-rich to combat global inequality and climate change.

The survey by the Earth4All initiative and Global Commons Alliance showed that 68% of the participants, including 74% in India, backed the idea of taxing the super-rich to address these issues.

Although the concept of a ‘wealth tax’ has been gaining international support over the past few years, it has been in talks for over a decade.

Brazil, the current president of the G20, is aiming to bring all the member countries together on levying a wealth tax and is expected to lobby for a joint declaration when the G20 finance ministers meet in July.

Gabriel Zucman, a French economist and a key advocate for Brazil’s initiative for a wealth tax, will publish a report on Tuesday highlighting how ”a global minimum tax on the ultra-rich” could work, and its revenue potential.

Zucman believes that the super-rich pay less taxes as compared to the ordinary people. Brazil’s proposal aims to push for an additional minimum tax of 2% for billionaires as a new international standard.

Owen Gaffney, co-lead of Earth4All, said, ”Indians want a giant leap on climate and nature — 68% demand dramatic reforms across all economic sectors within the next decade. This is a strong mandate for planetary stewardship that cannot be ignored.”

He added that along with a tax on high incomes and corporations to fight the climate crisis, a ‘polluter pays’ policy with an income redistribution clause is also supported.

Deeper look into the survey

• 71% of Indians support universal basic income
• 74% support the introduction of policies to promote healthy diets to reduce emissions
• 76% want a healthier work-life balance
• 68% believe in the need for swift action in all economic sectors, including electricity generation, transport, buildings, industry, and food, within the next ten years
• 81% want to shift to ‘wellbeing economics’ that keep health and environment above a tunnel-headed approach to economic growth