At the G20 finance ministers’ meeting in Rio de Janeiro, Brazil’s proposal for a global tax on the ultra-rich faced opposition, particularly from the U.S. Washington dismissed the need for an international agreement on taxing billionaires, with Treasury Secretary Janet Yellen arguing that tax policy is best handled domestically.

Despite this, Brazil’s Economy Minister Fernando Haddad remained optimistic, noting that the agenda’s inclusion was a crucial first step.

The draft declaration will suggest cooperative efforts to ensure high-net-worth individuals are taxed more effectively, though it stops short of proposing a global tax, the AFP has reported.

Brazil’s initiative, supported by countries like France, Spain, and South Africa, aims to address global wealth inequality, but faces skepticism from Germany and other nations.

Written by B.C. Begley