US opposes Brazil’s proposal to impose global tax on billionaires

According to US Treasury Secretary Janet Yellen, Washington “believes in progressive taxation” and would not support the idea.

US Treasury Secretary Janet Yellen said Washington is not in favor of imposing a global tax on the wealth of billionaires. This idea has been suggested by countries like Brazil and France. President’s Government Luiz Inácio Lula da Silva (PT) wants to take advantage of the Brazilian presidency of the G20 to discuss this issue.

,We believe in progressive taxation“, Yellen was quoted as saying by the newspaper. wall street journal, He announced that the U.S.don’t support” nobody “general global agreement” For “Tax billionaires with income redistributed in some way“. He said: “This is something we can’t sign,

Brazil wants the G20 to analyze the creation of a coordinated approach to tax the super-rich, who can now move their capital to low-tax destinations. The idea is to mirror the agreement that nearly 140 countries signed in 2021 to levy a global minimum tax of 15% on multinationals. The implementation of this tax has faced obstacles from the US and other countries.

In February this year, the Finance Minister, Fernando Haddad, advocated creating a global minimum tax on the wealth of billionaires around the world. In a speech given at a meeting of g20In Sao Paulo, he said the measure would serve as an important pillar for the debate on international tax cooperation and progressive taxation of large wealth, a pet issue of Planalto.

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,While acknowledging the progress made over the past decade, we need to acknowledge that we still need to make the world’s billionaires pay their fair share in taxes. Apart from demanding to take forward the ongoing talks in OECD [Organização para a Cooperação e Desenvolvimento Econômico] and in the United Nations [Organização das Nações Unidas]We believe that global minimum taxation on wealth could become the third pillar for international tax cooperation“, he announced. Here’s Complete Minister’s speech (PDF – 367 KB).

About the author: Cory Weinberg

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