A Global Tax on Billionaires? Janet Yellen Says ‘No’

The U.S. opposes a proposed global wealth tax on billionaires, Treasury Secretary Janet Yellen said, rejecting an idea floated by Brazil, France and other nations to tip the economic scales away from the megarich.

It is Brazil’s turn to lead the Group of 20 major economies this year and the country has called on the group to develop a coordinated approach for taxing ultrawealthy individuals who can move their money into low-tax jurisdictions. The goal is to mirror a global minimum tax on corporations, which roughly 140 countries signed up for in 2021...