Gelonghui May 20| U.S. Treasury Secretary Yellen says the United States opposes a proposed global wealth tax on billionaires and rejectsapplearcadefreeBrazil, France and itsapplearcadefreeThis idea was put forward by his country. Brazil, which will hold the G20 presidency this year, has called on the group to develop a coordinated approach to taxing the super-rich who can move money to low-tax jurisdictions, with the goal of imitating the world's lowest corporate tax.
Yellen will meet with G7 finance ministers later this week and they are expected to discuss global wealth taxes. Yellen said,"We support progressive taxation. But the global concept of taxing billionaires and redistributing the benefits in some way-and we don't support the process of trying to achieve that goal-is unacceptable to us."
