Will new FM support global effort for 'billionaire tax': Congress asks ahead of swearing-in

New Delhi: Will India's new finance minister support the global effort for a 'billionaire tax' and will the prime minister stand with the common people or billionaires, the Congress asked on Sunday, ahead of the swearing-in ceremony of a new government.

Prime Minister-designate Narendra Modi will on Sunday take oath for a third consecutive term as prime minister, along with members of his council.

Congress leader Jairam Ramesh took a swipe at the BJP-led government and asked if it has taken 'too many tempos of black money' to take such a progressive step.

'This year, the one-third Pradhan Mantri has a chance to show whether it stands with the common people, or with billionaires. At the G20 in Brazil, a proposal to set a Global Minimum Tax on billionaires will be discussed, backed by finance ministers of Brazil, France, Spain, South Africa, and Germany,' the Congress general secretary said in a post on X.

'Will India's next finance minister support the global effort for a 'billionaire tax'? Or have they taken too many tempos of black money to take any such progressive step?' he asked.

Ramesh claimed that all around the world, billionaires manage to pay lower taxes than working people through legal loopholes, offshore wealth, shell companies, or other schemes.

To ensure that they pay their fair share, a proposal for a Global Minimum Tax on billionaires will be discussed at the G20 under Brazil's presidency in November 2024, he claimed.

Such a tax would raise '21 lakh crores' globally each year, providing critical funding for sectors such as health care, education, housing, and climate change, he noted.

'Note also that Brazil has taken over the rotational G20 presidency without any drama, and used it not for some philosophical mumbo-jumbo but to advance meaningful policy,' Ramesh said.

'In contrast, 'Photo-Jeevi' Narendra Modi spent the entire presidency plastering every hoarding, school, and petrol pump in India with his face, to portray the G20 presidency as some kind of foreign-policy achievement. India's turn was pre-destined and inevitable,' the Congress leader added in his post.