This was stated in the final document of the G20 summit held in Rio de Janeiro, where the finance ministers of the main countries of the world participated.
Brazilian Finance Minister Fernando Haddad with US Treasury Secretary Janet Yellen.
Reuters
Despite US opposition, G20 pledges to ‘cooperate’ to tax billionaires in a final declaration signed on Friday by the finance ministers who participated in the meeting in Rio de Janeiro, Brazil. Host President Lula Da Silva pushed for the creation of such a global tax, but no agreement was reached.
“While fully respecting fiscal sovereignty, we will strive to cooperate to ensure that ultra-rich individuals are effectively taxed.”says the text signed at the summit where the main economies of the world participated. In addition to Brazil, France, South Africa, Spain and the African Union showed support to the idea of a global tax to the super rich.
USA I had already refused the idea during international negotiations on the issue, but considered it positive that each country ensures a “fair and progressive” tax system. Germany opposedBefore the G20 he considered the idea “not very pertinent”.
Despite failing to win support for a global tax, Brazil’s finance minister, Fernando Haddad, welcomed the final text approved by the G20. “The mere fact that it is included in a G20 declaration” is “a lot”he stressed, adding: “The 20 richest nations in the world believe that we have a problem, progressive taxation on the poor and not on the rich.”
Kristalina Georgieva
Reuters
In this sense, The final declaration states that “inequalities in wealth and income undermine economic growth and social cohesion and exacerbate social vulnerabilities”. Position held by the managing director of the International Monetary Fund, Kristalina Georgieva.
“The shared vision of G20 ministers on progressive taxation is timely and welcome, “The need to rebuild fiscal protections while addressing social and development needs requires difficult choices in many countries,” Georgieva said in a statement.
Luis Caputo met with the US Treasury Secretary within the framework of the G20
Luis Caputo and Yellen.jpeg
Within the framework of the G20 Ministerial Meeting that took place in the city of Rio de Janeiro,The Minister of Economy, Luis Caputo, held a meeting with the Secretary of the Treasury of the United States, Janet Yellenwithin the framework of the bilateral relationship.
In this regard, during the meeting, in which the Secretary of Finance also participated Pablo Quirno; the President of the Central Bank, Santiago Bausili and his vice president, Vladimir WerningTreasury authorities highlighted the importance of the fiscal anchor for the necessary normalization of economic variables.
In this lineaccording to official reports, “the rapid and necessary decline in inflation in Argentina was highlighted,” as well as the twin and financial surpluses. Yellen stressed the importance of continuing this policy path and guaranteed the United States’ support for this process.
Source: Ambito
