Mon. Jun 24th, 2024

US doesn't support global tax on billionaires: Yellen

Natasha Kumar By Natasha Kumar May21,2024

US does not support global tax on billionaires, – Yellen

Photo: Janet Yellen

At the same time, Washington previously supported a global minimum tax on international business

The Joe Biden administration does not support the proposal to introduce a global tax on the assets of the super-rich, which is being considered by some G20 countries.

US Treasury Secretary Janet Yellen announced this.

Yellen told the Wall Street Journal that the United States supports progressive taxation, in which the rich pay a larger share their income than people with less income.

"However, the idea of ​​some kind of general global system of taxation of billionaires with some kind of redistribution of the funds received – we do not support a process to do so– she added. – We can't sign up to that.”

The plan has little chance of being implemented without U.S. support, although it appears to have support from the leaders of some major economies such as France and Brazil.

In contrast to the global tax on billionaires, the United States supported a global minimum tax on international business.

Yellen helped negotiate the agreement early in Joe Biden's presidency.

Prepared by: Sergey Daga

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my 1-800-268-7116

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