Millionaires Make Unusual Plea: ‘Tax Us Now’

Story Highlights
  • Open letter sent to the online Davos meeting of the World Economic Forum.
  • The plea said about the unfair tax system.
  • Inequality and poverty soared in the first two years of pandemic.

In an open letter to the World Economic Forum’s online Davos assembly, 102 millionaires, together with Disney heiress Abigail Disney, stated the present tax system is unfair and “deliberately designed to make the rich richer”. “The world every country in it must demand the rich pay their fair share,” the letter says. “Tax us, the rich, and tax us now.” Their plea follows a report by international charity Oxfam this week which stated that the world’s 10 wealthiest males doubled their fortunes to $1.5 trillion throughout the first 2 years of the pandemic whereas inequality and poverty soared.

“As millionaires, we know that the current tax system is not fair,” says the letter circulated by teams together with Patriotic Millionaires, Millionaires for Humanity, Tax me now, and Oxfam. “Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic yet few if any of us can honestly say that we pay our fair share in taxes.” The signatories embrace rich women and men from the United States, Canada, Germany, Britain, Denmark, Norway, Austria, the Netherlands and Iran.

The Patriotic Millionaires took half within the wealth tax examine with a community of non-profits and social actions, together with Fight for Inequality Alliance, Oxfam and the US-based Institute for Policy Studies suppose tank. In addition to funding vaccines worldwide and assuaging poverty, the tax could be sufficient to supply common well-being care and social safety to three.6 billion folks in low- and middle-income international locations, the group stated. The tax could be set at two p.c for the values over $5 million, three p.c for over $50 million and 5 p.c for over $1 billion.

Wednesday’s tax proposal was made as international authorities and enterprise leaders participated in the digital Davos assembly this week. The in-person gathering was postponed because of the unfolding of the Omicron variant. “There is no defending a system that endlessly inflates the wealth of the world’s richest people while condemning billions to easily preventable poverty,” Patriotic Millionaire’s chairman Morris Pearl, a former BlackRock funding agency managing director, stated in a press release. “We need deep, systemic change, and that starts with taxing rich people like me,” Morris stated.

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