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The United States does not see the need to negotiate an international treaty to tax the super-rich, U.S. Treasury Secretary Janet Yellen said on the sidelines of a meeting of Group of 20 finance ministers on Thursday.
The issue is a priority for Brazil’s leftist President Luiz Inacio Lula da Silva, who this year leads a coalition of the world’s largest economies.
“Tax policy is very difficult to coordinate globally,” Yellen told a news conference in Rio de Janeiro.
“We do not think it is necessary, and indeed do not think it is desirable, to try to reach a global agreement on this. We believe that all countries should ensure that their tax systems are fair and progressive,” the minister explained.
Yellen added: “Washington is firmly in favor of progressive taxation and ensuring that the very wealthy and high-income earners pay their fair share.”
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