A proposal for a worldwide tax on the assets of the ultra-wealthy that’s being pushed by some countries within the G20 does not have the support of the Biden administration, according to Treasury Secretary Janet Yellen.
Ms. Yellen told reporters at a July 25 press conference during the G20 finance ministers meeting in Rio de Janeiro, Brazil, that the United States thinks that a global agreement on taxing ultra-high-net-worth individuals is neither practical nor a particularly good idea.
“Tax policy is very difficult to coordinate globally,” Ms. Yellen said. “We don’t see a need or really think it’s desirable to try to negotiate a global agreement on that.”…