US rejects plan for G20 deal to tax super-rich

Rio de Janeiro: The United States sees no need to negotiate an international agreement on taxing the super wealthy, US Treasury Secretary Janet Yellen...

Rio de Janeiro: The United States sees no need to negotiate an international agreement on taxing the super-wealthy, US Treasury Secretary Janet Yellen said on Thursday, highlighting divisions on a plan that is top of the agenda at a G20 finance ministers' meeting in Rio de Janeiro.

Taxing the ultra-rich is a key priority of Brazil's leftist president, Luiz Inacio Lula da Silva, who this year heads the G20 grouping of the world's major economies, the European Union and African Union.

"Tax policy is very difficult to coordinate globally," Yellen told a press conference in Rio de Janeiro, ahead of an evening meeting between finance ministers to discuss the topic.

"We don't see a need or really think it's desirable to try to negotiate a global agreement on that. We think that all countries should make sure that their taxation systems are fair and progressive."

Yellen said Washington was "strongly supportive of progressive taxation, and making sure that very wealthy, high-income individuals pay their fair share."