New survey reveals nearly 74% Indians support taxing the super-rich; Here's why

As G20 finance ministers prepare to meet next month, a new survey reveals overwhelming public backing for a wealth tax on the super-rich. Conducted by the Earth4All initiative and Global Commons Alliance, the survey found that 74 per cent of Indians support this tax as a means to address global hunger, inequality, and the climate crisis. Overall, 68 per cent of people in G20 countries support the idea.

Survey Highlights International Consensus

The survey, which covered 22,000 citizens across the world's largest economies, highlights a growing international consensus for progressive taxation. This proposal has been under discussion since at least 2013 and has garnered increasing support over the years. The strong support in India mirrors a broader trend, with many advocating for significant economic reforms to tackle pressing global issues.

Also Read

• Why the Government needs a Budget: Understanding the importance and role

Brazil Leads G20 Push

Brazil, currently presiding over the G20, aims to build a consensus on wealth taxation and will push for a joint declaration at the upcoming meeting of G20 finance ministers in July. A key advocate behind Brazil's initiative is French economist Gabriel Zucman, who will release a report detailing how a global minimum tax on the ultra-rich could be implemented and its potential revenue.

Also Read

• Most of top-level executives have positive perception of GST: Deloitte survey

Advocacy and Proposals for Implementation

Zucman argues that the super-rich pay significantly less tax compared to ordinary citizens. His proposal seeks to establish a new international standard, requiring billionaires in every country to pay at least 2 per cent of their wealth in taxes annually.

Support for Significant Reforms in India

Owen Gaffney, co-lead of Earth4All, emphasized the strong support for significant reforms among Indians. "Indians want a giant leap on climate and nature -- 68 per cent demand dramatic reforms across all economic sectors within the next decade. This is a strong mandate for planetary stewardship that cannot be ignored," he said.

Broader Survey Findings
The survey reveals broad support among Indians for various progressive policies:

• 74 per cent support taxing wealth.
• There is strong backing for taxing high incomes and corporations to fund climate initiatives.
• 71 per cent endorse universal basic income.
• 74 per cent support policies promoting healthy diets to reduce emissions.
• 76 per cent seek a better work-life balance.
• 68 per cent believe that dramatic action is needed across all economic sectors within the next decade, including electricity generation, transport, buildings, industry, and food.
• 81 per cent support a shift to "wellbeing economies" that prioritize health and the environment over narrow economic growth.

Anticipation for the G20 Meeting

The upcoming G20 finance ministers' meeting will be closely watched as nations debate this transformative approach to wealth taxation, with the potential to reshape global economic policies and address critical challenges facing the planet.

(With inputs from agencies)


(You can now subscribe to our Economic Times WhatsApp channel)