Big Relief For Elon Musk, Jeff Bezos, Bill Gates And Mark Zuckerberg By Benzinga

Benzinga – by Piero Cingari, Benzinga Employees Author.

The U.S. has taken a agency stance in opposition to a proposed international wealth tax on billionaires, as introduced Monday by Treasury Secretary Janet Yellen.

This concept, championed by Brazil, France and different nations, goals to cut back financial inequality by concentrating on the worldwide billionaires.

Yellen emphasised that whereas the U.S. helps progressive taxation, it can not again a worldwide initiative of this nature, as reported by the Wall Avenue Journal.

“We’re not supportive of a course of to attempt to obtain that. That is one thing we won’t signal on to,” she mentioned.

Because the chief of the Group of 20 main economies, Brazil has urged the group to develop a unified strategy to taxing extraordinarily rich people who typically relocate their funds to low-tax jurisdictions.

The purpose is to create a system much like the worldwide minimal tax on firms, agreed upon by roughly 140 international locations in 2021, although the rollout has confronted vital obstacles, significantly within the U.S.

Though the Biden administration has proposed vital tax will increase for high-income People, it has averted advocating for a wealth tax, which entails gathering a portion of a person’s web value yearly. As a substitute, President Joe Biden has proposed a plan that will require People with a web value exceeding $100 million to pay a 25% tax on their complete earnings annually, together with unrealized capital beneficial properties.

Yellen made it clear the U.S. wouldn’t endorse discussions on a world wealth tax. She is ready to satisfy with finance ministers from the Group of Seven superior democracies later this week, the place this subject is anticipated to be on the agenda.

G20 Discussions On Billionaire Tax
As reported by the Monetary Occasions on Sunday, French economist Gabriel Zucman introduced a proposal for a world billionaire’s tax to G20 finance ministers in February, on the request of Brazil.

Officers from Brazil, France, Spain, Germany and South Africa have mentioned a plan requiring billionaires to pay taxes equal to a minimum of 2% of their general wealth yearly.

Supporters of the worldwide wealth tax argue {that a} coordinated effort would forestall the rich from transferring their belongings to tax-friendly international locations. This is able to allow governments to lift extra tax income to assist different priorities and deal with the rising earnings inequality.

“The super-rich will battle it tooth and nail, however sure — we may have, sooner or later, a coordinated minimal tax on the super-rich. And maybe prior to you suppose!” Zucman commented on social media X.

Dominance Of American Billionaires
In keeping with the Forbes 2024 Billionaires Checklist, america dominates with 26 billionaires within the high 50, together with 9 out of the highest 10.

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), is the richest U.S. citizen and ranks second globally with a web value of $195 billion, simply behind Bernard Arnault.

Jeff Bezos, founding father of Amazon.com and Bill Gates, co-founder of Microsoft, observe intently with fortunes of $194 billion and $134 billion, respectively.

Different outstanding U.S. billionaires embrace Mark Zuckerberg, CEO of Meta Platforms Inc.; Warren Buffett, CEO of Berkshire Hathaway Inc.; and Larry Ellison, CTO of Oracle Corp.,highlighting the numerous presence and affect of American entrepreneurs and enterprise leaders on the worldwide stage.

Information: Forbes Billionaires Checklist (as of Might 20, 2024)

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Treasury Secretary Janet Yellen. Benzinga file picture by Dustin Blitchok.

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