![US rejects plan for G20 deal to tax super-rich](https://www.berlinertageblatt.de/media/shared/articles/a0/68/d8/US-rejects-plan-for-G20-deal-to-tax-217127.jpg)
-
Venezuela takes diplomatic jab at Brazil in spat over election
-
Multiple people shot along highway in US state of Kentucky
-
'Super proud' Sabalenka downs Pegula to win US Open thriller
-
In Papua New Guinea, Pope holds mass 'at the edge of the world'
-
Hewett stays positive for wheelchair tennis despite agonising defeat
-
Three things on US Open champion Aryna Sabalenka
-
Sabalenka downs Pegula to win US Open thriller
-
USA men land Paralympic basketball three-peat, Jiang takes 7th swim gold
-
USA slump to first home defeat against Canada in 67 years
-
Argentina hand Australia record 67-27 loss in Rugby Championship
-
England impress on Carsley bow, Germany, Dutch hit five
-
AFP photographer wins top prize for Gaza coverage
-
No Love for Packers for three weeks after ligament sprain: reports
-
Pedro Almodovar: chronicler of modern Spain crowned in Venice
-
Almodovar wins top Venice prize for end-of-life film
-
Trump sounds dark tone at rally, Harris 'ready' for debate
-
Wirtz and Musiala dazzle to kick-start new Germany era
-
Chinese teenager takes 7th gold of Paris Paralympics
-
England interim boss Carsley 'respects' divided opinions over anthem
-
Neuville moves to the front in the Acropolis Rally
-
Garfield, Pugh charm Toronto in new romance 'We Live in Time'
-
21 boys confirmed dead in Kenya school inferno
-
Over 100,000 protest in France against new prime minister
-
Golden 30 minutes takes China to swimming Paralympics swimming domination
-
Green leads Australia to T20 series sweep of Scotland
-
Nigeria, Cameroon win afer chaotic AFCON build-ups
-
Nicole Kidman: A-lister, cinematic chameleon, wins in Venice
-
'I had to prove myself', says Kolisi after win against All Blacks
-
Almodovar wins top prize at Venice film festival
-
Grealish savours England redemption after 'worst summer'
-
Carsley makes flying start as England interim boss in win over Ireland
-
Springboks close on Rugby Championship with storming win over All Blacks
-
Sri Lanka's De Silva and Kamindu Mendis defy England in third Test
-
Farrell's Racing lose on opening day of Top 14
-
Ireland and UK to 'reset' relations as Starmer visits Dublin
-
Dunbar takes second Vuelta stage as Roglic closes in on victory
-
Fritz eyes US Open glory to end 21 years of American hurt
-
Thousands protest in France against new prime minister
-
Death toll from Kenya school blaze rises to 21
-
Brazil's right rallies for 'freedom' after X suspended
-
Trump to hold rally in swing state, Harris preps for debate
-
Stone at the double as Sri Lanka collapse against England in third Test
-
French tennis player takes legal action over online abuse
-
Italy backs Kyiv's 'legitimate defence' as Zelensky presses allies
-
The Body Shop rescued from administration after deal
-
Martin roars to victory in San Marino sprint, extends MotoGP lead
-
Smoke and screams: The horror of Kenya's school dorm inferno
-
MotoGP leader Martin roars to victory in San Marino sprint
-
Ireland and UK to 'reset' relations as Starmer begins Dublin visit
-
Ma Lin turns brutal encounter with bear into glorious Paralympic career
![US rejects plan for G20 deal to tax super-rich](https://www.berlinertageblatt.de/media/shared/articles/a0/68/d8/US-rejects-plan-for-G20-deal-to-tax-217127.jpg)
US rejects plan for G20 deal to tax super-rich
The United States sees no need to negotiate an international agreement on taxing the super-wealthy, US Treasury Secretary Janet Yellen said Thursday, highlighting divisions on a plan that is top of the agenda at a G20 finance ministers' meeting in Rio de Janeiro.
Taxing the ultra-rich is a key priority of Brazil's leftist president, Luiz Inacio Lula da Silva, who this year heads the G20 grouping of the world's major economies, the European Union and African Union.
"Tax policy is very difficult to coordinate globally," Yellen told a press conference in Rio de Janeiro, ahead of an evening meeting between finance ministers to discuss the topic.
"We don't see a need or really think it's desirable to try to negotiate a global agreement on that. We think that all countries should make sure that their taxation systems are fair and progressive."
Yellen said Washington was "strongly supportive of progressive taxation, and making sure that very wealthy, high-income individuals pay their fair share."
She highlighted policies proposed by US President Joe Biden, such as a billionaires' tax, which she described as "a very worthwhile initiative."
"It makes sense for most countries to take this approach of progressive taxation."
- 'Delicate mechanism' -
Brazil's search for a global agreement on taxing the richest of the rich is backed by France, Spain, South Africa, Colombia and the African Union.
"Some individuals control more resources than entire countries," Lula said Wednesday at the launch of an initiative to fight world hunger, another project topping his G20 agenda.
His finance minister, Fernando Haddad, told local media Wednesday that taxing billionaires would help finance the fight against hunger but "it will not be established overnight, because it is a very delicate mechanism."
Global inequality has continued to widen in recent years, according to a study by the NGO Oxfam published Thursday. The richest one percent of the world have earned more than $40 trillion in a decade, but their taxation is at "historically" low rates, the study said.
French economist Gabriel Zucman, a consultant with the G20 on taxation issues, estimates that the tax rate for billionaires represents 0.3 percent of their wealth.
In a recent report commissioned by the G20, he called for super-wealthy individuals to be taxed the equivalent of two percent of their fortune.
Washington is not the only skeptic.
On the eve of the G20 meeting, Germany's finance ministry said it considers the idea of a minimum wealth tax to be "irrelevant."
- Divisions over Ukraine, Gaza -
The meeting of finance ministers in Rio opened with a session on the global economy, as inflation slows in many parts of the world after a surge fuelled by the war in Ukraine and other factors.
On Friday, the ministers will tackle the financing of the climate transition and debt in their last meeting before a G20 summit on November 18 and 19.
Founded in 1999, the Group of 20 assembles 19 of the world's largest economic powers, as well as the European Union and the African Union.
The organization was originally focused on global economic issues but has increasingly taken on other pressing challenges -- even though member states do not always agree on what should be on the agenda.
Brazil's presidency said in a statement that some members of the G20 considered that crises such as the conflicts in Ukraine and Gaza "have an impact on the global economy and should be addressed at the G20, while others believe that the G20 is not the place to discuss these issues."
Divisions within the G20, of which Russia is also a member, have made drafting a joint communique at the outcome of meetings a challenge.
The last meeting of finance ministers in Sao Paulo failed to issue such a statement.
Brazil hopes to publish three texts after the meeting, said Tatiana Rosito, a senior official at the country's economy ministry.
Aside from a joint final communique, this would include a document on "international cooperation in tax matters" and a separate communique from Brazil on geopolitical crises.
"It is likely, based on my experience of previous G20s," that future ministerial-level meetings will publish separate statements in this manner, European Commissioner for International Partnerships Jutta Urpilainen told reporters Wednesday.
Aiming for a single text "would not allow us to adopt anything," she said.
G.Schulte--BTB