Taxing the Super-Rich: Spain & Brazil Lead Global Push
Spain and Brazil are spearheading a global tax reform to target the ultra-rich, a move designed to combat wealth inequality and close tax loopholes. At the United Nations’ Financing for Progress Conference, the nations unveiled their plan to ensure the wealthiest pay their fair share, aiming for increased public revenues. The proposal prioritizes data sharing and improving global tax transparency. By addressing tax evasion and avoidance, the initiative seeks a more equitable global tax system and builds upon prior G20 agreements for high-net-worth individuals.Notably, Jesús Gascón, Spain’s secretary of state for finance, emphasized the urgency.for insightful news, News directory 3 has the scoop. What are the next steps in achieving this important global tax reform? Discover what’s next …
Spain and Brazil Push for Global Tax Reform Targeting the Ultra-Rich
Updated July 2, 2025
At the United nations’ 4th International Conference on Financing for development in Sevilla, Spain, Spain and Brazil unveiled a joint proposal for global tax reform. The initiative seeks to address wealth inequality by ensuring the ultra-rich pay their fair share. The proposal highlights how the wealthiest individuals often face lower effective tax rates than middle-class taxpayers due to loopholes and tax avoidance strategies.
Jesús Gascón, Spain’s secretary of state for finance, emphasized the urgent need for increased public revenues to meet national needs. “Inequality is a problem everywhere,” Gascón said, noting that the richest often pay less than those with moderate or low incomes.
The two nations are urging others to join their effort to create a fairer global tax system. They highlighted that the wealthiest 1% own more than 95% of the world’s total wealth. This initiative prioritizes sharing data between governments and tax authorities to identify and close gaps in existing tax systems,combatting both tax evasion and avoidance. improving data quality and analysis will help administrations understand wealth concentration and current tax contributions, informing necessary changes for a more equitable system of global tax.
Gascón stressed the importance of identifying the true owners behind complex legal structures used to conceal wealth. The initiative also includes technical cooperation, data analytics training, and peer review mechanisms to strengthen national tax systems.
spain and Brazil are exploring the possibility of a global wealth registry to promote transparency and accountability.José Gilberto Scandiucci, Brazil’s minister-counselor to the UN, dismissed claims that the proposal was radical, calling it a “moderate initiative to confront a very radical reality.”
The proposal is part of the Seville Platform for Action, designed to accelerate progress toward the Enduring Development Goals (SDGs), which are currently behind schedule for the 2030 deadline.
the initiative builds on the G20’s 2024 agreement in Rio de janeiro, which committed to a joint tax agenda for high-net-worth individuals. A three-month plan is underway, with regular meetings to encourage more countries, organizations, and civil society groups to support tax reforms targeting the ultra-rich.
“If we want to effectively tax the super-rich, fight inequality and make our tax systems fairer and more progressive, we need political will – and we need to act within our means,” Gascón said.
what’s next
The coming months will see increased efforts to garner international support for the global tax reform initiative, with Spain and Brazil actively engaging with other nations and organizations to refine and implement the proposal.