G20 to Back Progressive Taxation, without Endorsing Billionaire Tax, Sources Say

G20 SUMMIT - RIO DE JANEIRO. G20 finance leaders meeting in Brazil are preparing a joint statement for Thursday in support of progressive taxation that will stop short of endorsing the hosts' proposal for a global "billionaire tax," two G20 officials told Reuters.

Brazil's presidency of the Group of 20 major economies this year has drummed up initial support from some countries for a joint effort to tax ultra-high-net-worth individuals, although debate has been preliminary.