Janet Yellen, the U.S. Treasury Secretary, has let the world know the United States will not be participating in the global billionaire tax scheme cooked up by nations like Brazil and France. The global tax would be intended to redistribute wealth to poor countries, though the methodology through which that wealth would be distributed was not made clear.
Yellen said of the imitative, “We’re not supportive of a process to try to achieve that. That’s something we can’t sign on to.”
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Excerpt from www.benzinga.com
The U.S. has taken a firm stance against a proposed global wealth tax on billionaires, as announced Monday by Treasury Secretary Janet Yellen.This idea, championed by Brazil, France and other nations, aims to reduce economic inequality by targeting the global billionaires.
Yellen emphasized that while the U.S. supports progressive taxation, it cannot back a worldwide initiative of this nature, as reported by the Wall Street Journal.
“We’re not supportive of a process to try to achieve that. That’s something we can’t sign on to,” she said.
As the leader of the Group of 20 major economies, Brazil has urged the group to develop a unified approach to taxing extremely wealthy individuals who often relocate their funds to low-tax jurisdictions.
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