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

Associated Press

RIO DE JANEIRO (AP) — Finance ministers from leading rich and developing nations are meeting in Rio de Janeiro to discuss a global tax on the super-rich. The proposal is a top priority for Brazil, which holds the Group of 20 presidency. The proposal before the G20 participants Thursday would require individuals with over $1 billion in total assets to pay the equivalent of 2% of their wealth in income tax. A Brazilian ministry official has said France, Spain, and South Africa have expressed support for the proposal. U.S. Treasury Secretary Janet Yellen said Thursday the U.S. doesn’t support it and that tax policy is hard to coordinate globally.