‘Tax us now,’ the ultra-wealthy demand of governments
More than 200 members of the super-rich elite are urging governments all over the world to “tax us, the ultra-affluent, now” in order to assist billions of people facing a crisis in their ability to maintain a standard of living.
A group of 205 millionaires and billionaires, including Disney heiress Abigail Disney and The Hulk actor Mark Ruffalo, demanded on Wednesday that wealth taxes be swiftly implemented in order to combat “extreme inequality” among the world’s governments and business leaders gathered in Davos for the World Economic Forum (WEF).
“The current inaction is really worrying. It is useless to talk about “cooperation in a fragmented world” at a conference of the “global elite” in Davos if you aren’t addressing the underlying causes of conflict, they wrote in an open letter that was released on Wednesday. “Creating fairer economies now is necessary to protect democracy and foster cooperation; this is not a problem that can be left for future generations to solve.
“It’s time to address excessive wealth; it’s time to tax the ultra-wealthy.”
The millionaires, who came from 13 different nations, wrote a statement titled “the cost of extreme riches” in which they stated: “The history of the last five decades is a story of wealth moving nowhere but upwards. This trend has dramatically accelerated in recent years. Everyone can easily see the answer. You, as our representatives on a worldwide scale, must begin taxing us immediately since we are extremely wealthy.
The extremely wealthy signatories, who refer to themselves as “patriotic millionaires,” issued a dire warning about the consequences of inaction. “Any community can only withstand so much stress, and parents can only endure so much of seeing their kids suffer hungry while thinking about their own increasing wealth. It’s time to get to work since the price of taking action is considerably lower than the price of inaction.
It comes as a recent study reveals that the richest 1% have received over two-thirds of the new money created since the pandemic began. According to research by the aid organization Oxfam, the richest people have amassed $26 trillion (£21 trillion) in new wealth by the end of 2021.
The remaining 99% of persons received the remaining 63% of the total new wealth.
According to Oxfam, the rise in extreme wealth is now being followed by a rise in extreme poverty for the first time in 25 years. Oxfam is calling for higher taxes to be imposed on the super-rich.
According to Oxfam, a tax of up to 5% on the multimillionaires and billionaires of the globe could generate $1.7 trillion annually, enough to help 2 billion people escape poverty and pay for a worldwide strategy to end hunger.
“The whole world – economists and millionaires alike – can see the solution that is staring us all right in the face: we have to tax the very affluent,” said Marlene Engelhorn, a multimillionaire heiress and co-founder of the advocacy group taxmenow. We must complete this if we care about the security of democracy, our communities, and the environment. However, our decision-makers either lack the courage to do so or don’t see the need to do so. It raises the question, “What or who is preventing them?