Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax. Da The Wall Street Journal
The U.S. opposes a proposed global wealth tax on billionaires, Treasury Secretary Janet Yellen said, rejecting an idea floated by Brazil, France and other nations to tip the economic scales away from the megarich. It is Brazil’s turn to lead the Group of 20 major economies the year and the country has called on the group to develop a coordinated approach for taxing ultrawealthy individuals who can move their money into low tax jurisdiction. The goal is to mirror a global minimum tax on corporations.
