US Rejects Global Billionaires Tax Proposal

Treasury Secretary Yellen's stance contrasts with global support for curbing wealth inequality through international taxation.

Yellen announced the US will not back a 2% global tax on billionaires' assets proposed by Brazil and supported by G20 leaders.
The tax aims to prevent the ultrawealthy from evading taxes by moving money across borders.
Critics argue the rejection contradicts the Biden administration's push for progressive taxation.
Economists estimate the tax could generate $250 billion annually to address global issues like hunger and climate change.
Supporters claim international coordination is essential to ensure the ultra-rich pay their fair share.