G-20 Finance Chiefs Punt on Billionaire Tax in Draft Communique

Finance ministers say they will continue discussions in future
Initial draft lacked mention of taxation on super-rich

The idea has split the G-20 and the Group of 7 since it was initially unveiled in February, winning support from nations like France and South Africa while the US and others rejected it. — The idea has split the G-20 and the Group of 7 since it was initially unveiled in February, winning support from nations like France and South Africa while the US and others rejected it.
Photographer: Dado Galdieri/Bloomberg

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By Martha Beck and Andrew Rosati

July 25, 2024 at 6:51 PM UTC

Updated on

July 25, 2024 at 9:22 PM UTC

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Group of 20 finance chiefs are set to leave Brazil’s controversial plan for a global billionaires tax to future summits, pledging in a draft communique to continue discussions after debating the idea this week in Rio de Janeiro.

The draft communique, which was obtained by Bloomberg News, includes a pledge to continue “dialogue on fair and progressive taxation, including of ultra high net worth individuals,” a reference to the 2% minimum tax on billionaires that Brazil President Luiz Inacio Lula da Silva has made the centerpiece of his nation’s year atop the group.