Finance ministers of the Group of 20 in Brazil discuss global tax on the super-rich

Associated Press

RIO DE JANEIRO (AP) — Finance ministers from leading rich and developing nations have gathered in Rio de Janeiro for a two-day meeting to discuss a global tax on the super-rich, a top priority for Brazil, which holds the presidency. According to the proposal before the Group of 20 Thursday, individuals with over $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax. France, Spain, and South Africa have expressed support, an official from the Brazilian Ministry of Economy told journalists last week. But Janet Yellen, the U.S. Secretary of the Treasury, reiterated at a news conference Thursday that the U.S. does not support the initiative.