G-20 Plan Calls for Billionaires to Pay 2% of Wealth in Taxes

Billionaires would have to pay 2% of their wealth in taxes each year under a new proposal issued under the auspices of the Group of 20 nations — an idea that could bring in as much as $250 billion annually to governments’ coffers.

The plan, devised by economist Gabriel Zucman and released Tuesday, would be a top-up mechanism for taxing ultra-wealthy people: People with a total worth of at least $1 billion in equities, real estate, and other assets would have to pay 2% of their wealth to the degree they aren’t already doing so. Governments could use ...