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