We need to ensure that the super-rich pay their fair share

My plenary speech on taxing the super-rich to end poverty and reduce inequalities: EU support to the G20 Presidency’s proposal

In Europe, and across the world, we are confronted with a glaring injustice.

The super-rich are amassing a grotesque amount of wealth, often paying little or no tax due to preferential treatment or tax avoidance measures.

They live in a privileged bubble and disproportionately contribute to climate change.

At the same time, ordinary people are diligently paying their often higher taxes and are increasingly facing difficulties to make ends meet, receiving insufficient support to master the many challenges we face.

We can no longer accept this status quo.

At a time when poverty is on the rise, when the need to tackle climate change is more urgent than ever, and rampant inequality is corroding our societies, we need to ensure that the super-rich pay their fair share!

As the S&D, we welcome the G20 Presidency proposal as evidence of a political consensus to elaborate a global minimum tax on the super-rich.

Numerous polls are showing that people are equally supportive.

We now have to move towards operationalising this basic premise to achieve fairer societies and more revenues for governments to fight poverty and climate change.

The EU and its Member States should lead by example in combating tax avoidance and ensuring adequate taxation of extreme wealth, and play a leading role in this process in the appropriate fora.