US rejects G20 plan to tax super-rich under consideration at Rio summit
G20 finance ministers gathering in Brazil Thursday are set to discuss the much-debated topic of taxing billionaires amid widening global inequality. According to a Oxfam study, the world’s top one percent saw their fortunes increase by $40 trillion over 10 years while taxation fell to “historically” low rates. While France, Spain, South Africa, Colombia and other countries support taxing the super-rich, Germany and the US are against the idea with Treasury Secretary Janet Yellen telling reporters that Washington sees "no need" for further discussions.
G20 finance ministers gathering in Brazil Thursday are set to discuss the much-debated topic of taxing billionaires amid widening global inequality. According to a Oxfam study, the world’s top one percent saw their fortunes increase by $40 trillion over 10 years while taxation fell to “historically” low rates. While France, Spain, South Africa, Colombia and other countries support taxing the super-rich, Germany and the US are against the idea with Treasury Secretary Janet Yellen telling reporters that Washington sees "no need" for further discussions.
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