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

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.

Brazil pushed for the addition of the ...