US Treasury Secretary Yellen made it clear on MondaybonuswinThe United States does not support a proposed global wealth tax on billionaires.

The idea, supported by Brazil, France and other countries, aims to reduce economic inequality by taxing billionaires around the world.

Yellen emphasized that while the United States supports progressive tax systems, it cannot support global initiatives of this nature.

"We do not support the process of trying to achieve this goal. This is something we cannot agree to,"she said.

As the rotating chair of the G20, Brazil has urged the group to develop a unified approach to taxing the super-rich who often move money to low-tax jurisdictions.

bonuswin| Yellen made it clear that the United States does not support the global wealth tax proposal

The goal is to create a system similar to the global minimum corporate tax, agreed by about 140 countries in 2021, although its introduction faces significant obstacles, especially in the United States.

Yellen made it clear that the United States would not support discussions on a global wealth tax. She will meet with finance ministers from the G7 later this week and the topic is expected to be on the agenda.

Date: 2024-05-21