US Treasury Secretary opposes Brazil’s proposal for a global minimum tax on the super rich, backed by Germany and Spain

US opposes global tax on billionaires In an interview with the Wall Street Journal, Treasury Secretary Janet Yellen rejected a proposal by Brazil, the G20’s rotating chair, and backed by France, Germany and Spain, to impose a global tax on the world’s 3,000 wealthiest people. Wealth […]

America is against one A global tax on billionaires. Treasury Secretary Janet Yellen In an interview Wall Street Journal rejecting the motion advanced by BrazilThe rotating presidency of the G20, and the support of France, Germany and Spain to impose a global tax 3 thousand people Among world owners tradition Over a billion dollars. “We believe in one thing Progressive taxation. “But we don’t support a path that aims to get to a global agreement to tax billionaires and then redistribute the revenue in some way,” Yellen said. G7 Finance Ministers It will take place in Stresa from Thursday to Saturday, in which we will discuss – as well as Russian assets are frozen and the impact of artificial intelligence on the economy – including implementation The first pillar Multinational Corporations Minimum Taxation Agreement and the Brazilian Proposal.

Most countries remember Wsj, applies income taxes based on the person’s residence. On the other hand, the United States taxes its citizens based on their worldwide income It’s hard to escape Taxation of assets and income by repatriation.

Administration Biden Nevertheless, he proposed substantially raising taxes on high-income Americans The federal rate is 25%. sui revenue – including Investment credits Unrealized – People with assets over $100 million. But it does not go so far as to consider wealth tax. Capital gains in the US are generally taxed at a maximum rate of 23.8% when the property is sold, which clarifies that “gains may go untaxed for many years”. Wsj: The Democratic president’s proposal could cause disruption. But so far he has not made any progress.

Yellen helped promote itGlobal agreement In the taxation of multinational corporations, they must pay at least 15% in the jurisdictions in which they operate. But Republicans contend that Congress did not ratify the deal on the first pillar, the right for states to raise the largest groups of revenue.