{"id":12833,"date":"2024-05-23T05:01:50","date_gmt":"2024-05-23T02:01:50","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=12833"},"modified":"2024-05-23T05:01:50","modified_gmt":"2024-05-23T02:01:50","slug":"janet-yellen-says-america-wont-back-a-billionaire-tax","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=12833","title":{"rendered":"Janet Yellen says America won&#8217;t back a billionaire tax"},"content":{"rendered":"<p>World leaders are floating the idea of levying a global tax on the world\u2019s richest people \u2014 and America wants no part of it.<br \/>RFK Jr. investing in GameStop is hilarious, exec says<video muted playsinline width=\"100%\" height=\"100%\" preload=\"none\"><track kind=\"captions\" label=\"English\" src=\"https:\/\/kinja.com\/api\/videoupload\/caption\/22538.vtt\" srclang=\"en\" \/><\/video><\/p>\n<ul>\n<li class=\"selected\" data-label>Off<\/li>\n<li class data-label=\"English\">English<\/li>\n<\/ul>\n<p>U.S. Treasury Secretary Janet Yellen said the U.S. will not support discussions about a global wealth tax ahead of a meeting with leaders from the Group of 7 countries, <span>The Wall Street Journal reported<\/span> Monday.Advertisement\u201cWe believe in progressive taxation,\u201d Yellen said. \u201cBut the notion of some common global arrangement for taxing billionaires with proceeds redistributed in some way \u2014 we\u2019re not supportive of a process to try to achieve that. That\u2019s something we can\u2019t sign on to.\u201dThe plan \u2014 which has been advanced by Brazil, France, Spain, Germany, and South Africa \u2014 would require billionaires to pay at least 2% of their total wealth in taxes each year. Finance ministers from the G7 countries, which includes the U.S., Canada, France, Germany, Italy, Japan, and the United Kingdom, are slated to meet in northern Italy next week.AdvertisementRecent research by British NGO Oxfam found that the <span>top 1% of earners in G20 countries<\/span> made $18 trillion in income in 2022. The G20 is made up of 19 countries, as well as the European Union and the African Union.The EU Tax Observatory, a Paris-based research laboratory, <span>estimates<\/span> that a 2% tax would raise close to $250 billion annually, coming from less than 3,000 individuals.AdvertisementThe proposed wealth tax would mirror the global <span>minimum corporate tax<\/span>,  which Yellen helped bring about, a deal proposed by the Organisation for Economic Co-operation and Development (OECD) and signed by more than 140 countries. The agreement imposes a minimum effective tax rate of 15% on corporate profits in the country where they operate. Facing pushback from Republicans, U.S. Congress <span>has yet to pass legislation<\/span> that would bring it into force.Nine of the world\u2019s 10 richest people, according to the <span>Bloomberg Billionaires Index<\/span>, <span>reside in the U.S.<\/span>, including Amazon founder Jeff Bezos, Tesla and SpaceX CEO Elon Musk, and Meta founder Mark Zuckerberg.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>World leaders are considering a global tax on the world&#8217;s richest people, but the U.S. does not support the idea.<\/p>\n","protected":false},"author":6,"featured_media":12834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,589,3038,246,4461,2870,461,913,8726,6196,4736,4498,3818,10095,1969,379,2404,569,499,576,10943,10689,2294,419,2042,3940,2685,1346,252,8186,10637,4371,4941,6730,10271,4927,10945,1005,6074,317,1970,586,1358,1065,4556,4738,1183,805,618,973,197,255,5490,10944,18],"class_list":["post-12833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-africa","tag-agreement","tag-amazon","tag-billionaires","tag-brazil","tag-british","tag-canada","tag-ceo","tag-congress","tag-corporate-profits","tag-corporate-tax","tag-development","tag-discussions","tag-elon-musk","tag-eu","tag-european-union","tag-finance","tag-france","tag-germany","tag-global-tax","tag-global-wealth-tax","tag-income","tag-italy","tag-japan","tag-leaders","tag-legislation","tag-meeting","tag-meta","tag-musk","tag-observatory","tag-operation","tag-organisation","tag-paris","tag-profits","tag-progressive","tag-progressive-taxation","tag-republicans","tag-research","tag-south-africa","tag-spacex","tag-spain","tag-support","tag-tax","tag-tax-rate","tag-taxation","tag-taxes","tag-tesla","tag-top","tag-treasury","tag-united-kingdom","tag-wall-street","tag-wealth-tax","tag-wealthiest-people","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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