Billionaire tax rejected by U.S. causes split ahead of G-7

Group of Seven countries are at odds over how to tax the world’s richest individuals as finance officials prepare for a meeting in Stresa, Italy.

An early draft communique contained language on exploring ways to enhance the exchange of information concerning the wealthiest individuals, according to people familiar with the matter. 

The latest version no longer mentions the issue, said the people, who declined to be identified because the talks are private.

Working on information exchange and transparency could have been a first step toward a global minimum levy on billionaires, as it was in the case of companies. The idea has received support from some Group of 20 countries including Brazil.