USA oppose global agreement on taxing the super rich
Yellen further emphasized that the USA are strong advocates for taxing wealthy people, so that they pay "a fair share." As an example, she cited the tax proposal for billionaires proposed by US President Joe Biden. "For most countries, it makes sense to pursue this approach of progressive taxation," said the Finance Minister.
A global agreement on taxing the super-rich is a key concern for the left-leaning Brazilian President Luiz Inácio Lula da Silva, who currently holds the presidency of the G20 leading industrial and emerging economies. His goal is supported by countries like France, Spain, South Africa, Colombia, and the African Union. German Finance Minister Christian Lindner (FDP) expressed opposition to this.
On Friday, the Finance Ministers of the G20 countries will discuss financing measures for climate change initiatives and debt issues during their meeting in Rio de Janeiro. The next G20 summit will take place on November 18 and 19 in Brazil.
G20-Countries - Finance Ministers Meeting- Discuss financing measures for climate change initiatives and debt issues- Friday, Rio de Janeiro- Next Summit: November 18-19, Brazil
- Joe Biden's tax proposal for billionaires, which emphasizes taxing the very rich to ensure they pay a "fair share," aligns with the USA's stance, as pointed out by US-President's appointed Finance Minister, Janet Yellen.
- Janet Yellen believes that most countries should adopt a progressive taxation approach, similar to Joe Biden's proposal, to raise revenues from the wealthy.
- The global agreement on taxing the super-rich is a major concern for G20 President Luiz Inácio Lula da Silva, who is currently advocating for this policy with the support of countries like France, Spain, South Africa, Colombia, and the African Union.
- At the upcoming G20-Countries Finance Ministers Meeting in Rio de Janeiro on Friday, the focus will be on discussing financing measures for climate change initiatives and addressing debt issues.
- Coordination between G20 countries on fiscal policies, such as taxation and debt management, will be crucial in achieving a global agreement on taxing the super-rich, as discussed by Finance Ministers.
