US rejects G20 plan to tax super-rich under consideration at Rio summit

G20 finance ministers gathering in Brazil Thursday are set to discuss the much-debated topic of taxing billionaires amid widening global inequality. According to a Oxfam study, the world’s top one percent saw their fortunes increase by $40 trillion over 10 years while taxation fell to “historically” low rates. While France, Spain, South Africa, Colombia and other countries support taxing the super-rich, Germany and the US are against the idea with Treasury Secretary Janet Yellen telling reporters that Washington sees "no need" for further discussions.

Jul 25, 2024 - 19:00
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US rejects G20 plan to tax super-rich under consideration at Rio summit
G20 finance ministers gathering in Brazil Thursday are set to discuss the much-debated topic of taxing billionaires amid widening global inequality. According to a Oxfam study, the world’s top one percent saw their fortunes increase by $40 trillion over 10 years while taxation fell to “historically” low rates. While France, Spain, South Africa, Colombia and other countries support taxing the super-rich, Germany and the US are against the idea with Treasury Secretary Janet Yellen telling reporters that Washington sees "no need" for further discussions.

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