G20 Discusses Global Tax on Billionaires

USA Opposes Global Agreement to Tax the Super-Rich

US Treasury Secretary Janet Yellen opposes a global agreement to tax the super-rich, stating that coordinating tax policies worldwide is challenging. However, she emphasized that the US supports taxing very wealthy individuals to ensure they pay a fair share. The Brazilian President, supported by France, Spain, South Africa, and the African Union, has made international taxation of the super-rich a central concern. On the other hand, Germany's Finance Minister expressed opposition. At the G20 finance ministers' meeting in Brazil, the proposal for a 2% global wealth tax on billionaires was discussed, with economist Gabriel Zucman estimating it could generate $200-250 billion annually from 3,000 billionaires. An Oxfam report revealed that the top 1% accumulated $42 trillion in a decade, 36 times the wealth of the poorest 50%. While the G20 agreed to address the proposal, implementing it is expected to be difficult. The next G20 summit will take place in November in Brazil, where discussions on climate change financing and debt will be held.