Overview

• Yellen announced the US will not back a 2% global tax on billionaires' assets proposed by Brazil and supported by G20 leaders.
• The tax aims to prevent the ultrawealthy from evading taxes by moving money across borders.
• Critics argue the rejection contradicts the Biden administration's push for progressive taxation.
• Economists estimate the tax could generate $250 billion annually to address global issues like hunger and climate change.
• Supporters claim international coordination is essential to ensure the ultra-rich pay their fair share.