G20 finance ministers

At a recent G20 meeting in Rio de Janeiro, Brazil pushed for a global tax on ultra-high-net-worth individuals, proposing a 2% income tax on those with assets over $1 billion. While Brazil's Finance Minister Fernando Haddad characterized the discussions as a 'historic' first step, U.S. Treasury Secretary Janet Yellen expressed skepticism, stating there is no need for a global agreement on taxation and emphasizing the complexity of international tax coordination. Support for Brazil's initiative came from countries like France, Spain, and South Africa, although opposition remains, particularly from the U.S. and some European leaders. The proposal aims to tackle the issue of tax havens and increase the tax burden on billionaires, who currently pay an average of just 0.3% of their wealth in taxes. Haddad noted that continued engagement from academia and international organizations would be necessary for the proposal's advancement. The discussions signal a broader movement towards reforming how the world's wealthiest are taxed, but consensus among member nations remains elusive.