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 but has since run into roadblocks in the U.S. and elsewhere. 

Yellen said the U.S. wouldn’t support the talks on the issue. She is due to meet later this week with finance ministers from the Group of Seven advanced democracies, who are expected to discuss the global wealth tax. 

“We believe in progressive taxation. But the notion of some common global arrangement for taxing billionaires with proceeds redistributed in some way—we’re not supportive of a process to try to achieve that. That’s something we can’t sign on to,” she said.