- More than 250 millionaires and billionaires on Wednesday renewed their call on elected representatives in the world's major economies to introduce higher taxes on society's wealthiest members.
- In an open letter to political leaders gathered for the annual World Economic Forum in Davos, Switzerland, the wealthy signatories send a clear message: “Tax our extreme wealth.” He said he wanted to tell them.
- This comes as Oxfam says the world's five richest people have more than doubled their vast fortunes since 2020, warning that the world could create its first trillionaire within a decade. It was right after that.
Marlene Engelhorn, an Austrian who inherited from her family the owners of Germany's major chemical company BASF, poses with a placard that reads “Tax the rich!” At the entrance to the Congress Center during the opening ceremony of the World Economic Forum (WEF) Annual Meeting in Davos, January 15, 2024 (Photo by Fabrice COFFRINI/AFP) (Photo by FABRICE COFFRINI/AFP, Getty Images)
Fabrice Coffrini | AFP | Getty Images
More than 250 millionaires and billionaires on Wednesday renewed their call on elected representatives in the world's major economies to introduce tax increases on the wealthiest members of society.
In an open letter to political leaders gathered at the annual World Economic Forum in Davos, Switzerland, the wealthy signatories make a clear call to “tax our extreme wealth.” He said he wanted to convey a message.
“We are surprised that you did not answer the simple question we have been asking for three years: when will we tax extreme wealth?” the letter said.
“Our demand is simple: Tax us, the wealthiest in society. This will fundamentally change our standard of living, deprive us of our children, and harm the economic growth of our country.” But it would be an extreme and unproductive private thing to turn wealth into an investment in our common democratic future. ”
The letter's signatories, titled “Proud to Pay More,” span 17 countries and include Disney heir Abigail Disney, screenwriter Simon Pegg and heirs of prestigious American families. Including Valerie Rockefeller.
This comes as Oxfam has announced that the world's five richest people have more than doubled their huge fortunes since 2020, warning that the world could create its first trillionaire within a decade. It happened right after that.
At the same time, the charity said on Monday that if current trends continue, poverty will not be eradicated for another 229 years.
Brian Cox, a signatory of the Proud to Pay More letter and actor who played fictional billionaire Logan Roy on HBO's “Succession,” said, “Billionaires have political power and influence. “They are wielding extreme wealth to accumulate power, while simultaneously undermining democracy and the global economy.” ”
Cox added: “The time for action is long past. If elected officials refuse to address this concentration of money and power, the consequences will be dire.”
A new poll conducted by Survation on behalf of Patriotic Billionaires, released at the same time as the open letter, finds that some of the world's wealthiest people support increasing taxes on their incomes. .
The survey surveyed more than 2,300 respondents from wealthy G20 countries who each owned more than $1 million in investable assets, excluding their homes. These assets rank them among the richest 5%.
The survey found that 74% of respondents supported increasing taxes on the wealthy to address the cost of living crisis and improve public services, while three-quarters of respondents supported a 2% wealth tax on millionaires. It turned out that more than half (54%) supported the idea. We believe extreme concentration of wealth is a threat to democracy.
Abigail Disney said in a statement: “Throughout history, pitchforks have been the inevitable result of extreme discontent, but today the public is turning to populism, and it's on the rise around the world. It’s happening.”
“We already know the solution that protects our institutions and stabilizes our country, and that is taxing extreme wealth. What we are missing is taxing extreme wealth. It's the political fortitude to do it. Even billionaires and billionaires like me are saying the time has come. The elites gathered in Davos have to accept this.” The crisis is serious,” she added.
