EU: Global inequality can be tackled if world’s billionaires pay taxes

In its latest report, the European Union’s tax observatory announced that “if the 3,000 billionaires living on the planet paid only 2% of their wealth in tax, the inequality in the world could be tackled with the money.”

The tax body of the European Union has estimated that the application of only 2% tax on the wealth of the world’s billionaires could lead to the production of wealth equivalent to 250 billion dollars.

The European Tax Observatory said the same revenue could help governments invest in key areas including health and hygiene, education, climate change and the environment.