Billionaire tax proposal off the table at G20 meet

RIO DE JANEIRO — G20 finance leaders meeting in Brazil were preparing a joint statement for Thursday in support of progressive taxation that would stop short of endorsing the hosts' proposal for a global "billionaire tax," two 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.