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US Rejects 2% Global Taxation on Billionaires, Says Yellen

Published:

  • The United States opposes 2% global taxation on billionaires.
  • Janet Yellen, US Treasury Secretary revealed the country’s stance regarding the proposal of global taxation.
  • Initiated by Brazil, other G20 countries are adopting the proposal.

The United States has rejected a proposal of global taxation on billionaires.

The US Treasury Secretary Janet Yellen disclosed that the country will not support the proposal of 2% global taxation on billionaires.

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Notably, Brazil, the leader of the G20 group of key global economies, brought up the proposal.

Already, some ministers of most countries in the group, including France, have pledged their support.

However, Yellen maintained that the US opposes the idea of progressive taxation of the ultrawealthy in the country.

Further, she expressed her skepticism concerning the implementation process of such a global taxation on billionaires.

Also, she wondered how the redistribution of the proceeds would run among the countries.

So, she mentioned that the US can’t endorse such an idea with lots of uncertainties.

Yellon stated: “It’s not that I have any objection to imposing a reasonable level of taxation, and certainly a minimum level of taxation on very-high-income individuals in the United States. I don’t favor this particular formulation of how to go about doing that.

Additionally, she said that the country believes in progressive taxation.

However, the problem lies in the notion of a collective global arrangement to tax billionaires and redistribute proceeds.

More About the Proposed Global Taxation on Billionaire

According to the proposal for global taxation, billionaires across the world will pay 2% of their total wealth yearly.

Also, the taxation is expected to start this year, 2024.

Notably, the proposal aims to set a system that takes more from the wealthy’s massive income and little from lesser individuals.

Also, the idea is to curb international tax avoidance and cut down on economic inequality.

 

 

 

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