G20 finance ministers discuss a global tax on the super-rich

RIO DE JANEIRO — Finance ministers from leading rich and developing nations gathered in Rio de Janeiro on Thursday for a two-day meeting to discuss a, individuals with over $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax.

France, Spain and South Africa — which will chair the G20 in 2025 — had expressed support, an official from the Brazilian Ministry of Finance told journalists last week. But“Tax policy is very difficult to coordinate globally, and we don’t see a need or really think it’s desirable to try to negotiate a global agreement on that,” Yellen said, although she emphasized the U.S. is “strongly supportive of progressive taxation.

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