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  • 05 OCTOBER 2024
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Yellen Opposes Global Tax Plan Targeting Wealthiest

US Treasury Secretary Janet Yellen spoke out against international negotiations on a global tax on the wealthy on Thursday, an initiative that Brazil has been championing during its presidency of the G20.

Yellen Opposes Global Tax Plan Targeting Wealthiest
Notícias ao Minuto

17:08 - 23/05/24 por Lusa

Economia Janet Yellen

"I don't favor international negotiations that would involve all countries agreeing to do it and then redistributing the revenue to countries, possibly on the basis of climate and climate damages," Yellen said on the sidelines of a Group of Seven finance ministers meeting in Stresa, Italy.

"The President [Joe] Biden and I are certainly committed to making the tax system more progressive. We believe that the tax burden on high-income individuals and corporations is too low," she told reporters.

The Biden administration has proposed a 25% minimum tax on "the top 0.01% of earners, including those with more than $100 million in assets," in its fiscal 2025 budget.

The Treasury official said the US administration recognizes "that low-income countries and emerging markets need financial support."

Yellen also said that Brazil, which holds the presidency of the Group of 20 major economies, is right to be concerned about resources to support development and climate in those countries.

"But I don't favor" addressing the resource flow issue "in the context of an international tax negotiation," she said.

French economist Gabriel Zucman on Tuesday presented in Brasilia preliminary research on taxing the super-rich, a measure that could raise $250 billion a year globally.

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