For Immediate Release
Tuesday, November 19, 2024
Patriotic Millionaires Applaud G20 Communique Commitment to Tax Cooperation
“Following the model set by the OECD on corporate taxes, this declaration from leadership respects the sovereignty of every nation, while recognizing that, in our increasingly global economy, we need international cooperation to take on tax shelters that are hiding billionaire wealth from taxation.”
WASHINGTON, DC – Today, following the leadership summit of the G20 in Rio de Janeiro, a declaration was agreed to stating, in part:
“We endorse the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation. Progressive taxation is one of the key tools to reduce domestic inequalities, strengthen fiscal sustainability, foster budget consolidation, promote strong, sustainable, balanced, and inclusive growth and facilitate the achievement of the SDGs [sustainable development goals]. We applaud domestic tax reforms carried out by several G20 members to tackle inequalities and promote fairer and more progressive tax systems recently and recognize that improving domestic resource mobilization is important to support the SDGs.”
In response, Morris Pearl, Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:
“Throughout its G20 Presidency, Brazil has led the charge for international cooperation on the taxation of the super rich. Following the model set by the OECD on corporate taxes, this declaration from leadership respects the sovereignty of every nation, while recognizing that, in our increasingly global economy, we need international cooperation to take on tax shelters that are hiding billionaire wealth from taxation. The G20 needs to band together to fight billionaires who are shirking their responsibility to the people and the nations that helped them build their wealth.”
For additional information or interview requests, please contact Emily McCloskey at emily@patrioticmillionaires.org.
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