100 millionaires make unusual request: ‘tax us now’

PARIS: More than 100 millionaires made an unusual plea on Wednesday: “Now tax us”.
The study, backed by wealthy individuals and nonprofits, found that the wealth tax on the world’s richest people could raise $ 2.52 trillion a year – enough to pay for cod vaccines and lift 2.3 billion people out of poverty.
In an open letter to World Economic ForumAt the online Davos meeting, 102 millionaires, including Disney’s successor Abigail Disney, said the current tax system was inappropriate and “deliberately designed to make the rich richer”.
“The world – each of them – should demand that the rich pay their fair share,” the letter said. “Make us rich, and make us now.”
His appeal follows a report this week by global charity Oxfam that said the world’s 10 richest men doubled their wealth to $ 1.5 trillion in the first two years of the epidemic while inequality and poverty increased.
“As a millionaire, we know that the current tax system is not fair,” said the letter, which was circulated by groups including Patriotic Millionaires, Millionaires for Humanity, Tax Me Now and Oxfam.
“While most of us can say that while the world has been going through a lot of suffering in the last two years, we have actually seen an increase in our wealth during the epidemic – even if one of us can honestly say that we pay our dues. . ”
The signatories include wealthy men and women from the United States, Canada, Germany, Britain, Denmark, Norway, Austria, the Netherlands and Iran.
Patriotic Millionaires participated in property tax studies with a network of nonprofits and social movements, including the Fight for Inequality Alliance, Oxfam and the US-based Institute for Policy Studies think tank.
In addition to funding vaccines worldwide and alleviating poverty, the tax would be enough to provide universal health care and social security to 3.6 billion people in low- and middle-income countries, the group said.
Values ​​above $ 5 million will be taxed at two per cent, more than $ 50 million at three per cent and more than $ 1 billion at five per cent.
The group said a more progressive tax, including a 10 percent levy on billionaires, would raise $ 3.62 trillion a year. The actual level of taxation will be country-specific.
Jenny Ricks, global convener of the Fight Equality Alliance, told AFP that the group chose a lower progressive tax that was on the “real side.”
The plan to tax the assets of nearly 700 American billionaires was introduced by Democrats in the US Congress last year, but it was cut from President Joe Biden’s $ 1.75 trillion social spending and climate change program.
The tax was proposed on Wednesday as global government and business leaders attended a virtual Davos meeting this week. Personal gatherings were postponed due to the spread of the Omicron variant.
Morris Pearl, chairman of Patriotic Millionaires, a former managing director of BlackRock Investment Firm, said in a statement that “a system that constantly inflates the wealth of the world’s richest people and condemns billions for easily preventable poverty” cannot be defended.
“We need deep, systemic change, and it starts with taxing rich people like me,” Morris said.


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