What is Narendra Modi's position on 'billionaire tax', asks Congress

With the issue of "billionaire tax" being taken up with G20 countries by a group of former presidents and prime ministers, the Congress on Friday, 12 July, asked what is Prime Minister Narendra Modi's position on such a tax and what will be India's stand when the matter is discussed at the G20 meet later this month.

Congress general secretary, in-charge communications, Jairam Ramesh, said all over the world, there is a growing consensus that billionaires must pay their fair share of taxes.

"As proposed by Brazil -- which now holds the annual rotational G20 Presidency -- and endorsed by France, Spain, South Africa, and Germany, the world is moving towards a 2 per cent wealth tax on these billionaires," he said in a post on X.

"India has 167 dollar billionaires. A 2 per cent wealth tax would raise 1.5 lakh crores each year - almost 0.5 per cent of our GDP. This could pay for schools, hospitals, renewable energy, and many more essential investments in the future of our country," Ramesh said.

"What is the non-biological PM’s position on a 'billionaire tax'? What will be India's position when it will be discussed at the G20 meet in Rio de Janeiro later this month?" the Congress leader said.

Ramesh also shared a media report which said former presidents and prime ministers have sent an open letter to current leaders of the world's 20 largest economies urging support for a global tax on billionaires.