Recently, U.S. Treasury Secretary Janet Yellen rejected a proposal made by Brazil’s finance minister and other Group of 20 (G20) countries to implement a 2% global minimum tax on billionaires. The proposal would tax 3,000 of the world’s wealthiest taxpayers, similar to the Organization for Economic Co-operation and Development’s Pillar Two tax on the world’s largest multinational companies. Although President Biden has advocated for a 25% minimum tax on U.S. taxpayers with more than $100 million in assets, Yellen cast doubt on the G20 global tax suggestion. She cited uncertainty about how the proceeds would be distributed, adding “that’s something we can’t sign on to.”
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