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Millionaires are calling for higher taxes

January 21, 2022

Over 100 millionaires and billionaires launched this week an unexpected appeal to political and business leaders during a virtual meeting promoted by the World Economic Forum: “Force us to pay more taxes”.

The group that calls itself “Patriot Millionaires” said the “ultra-rich” are currently not being forced to pay their share in the global economic recovery after the pandemic crisis. Despite last year more than 130 countries agreed to set a global minimum tax rate for multinationals to hamper their tax evasion strategies, millionaires say individuals who are among the world’s richest still need to contribute more.

In the past two years, the fortunes of the 10 richest individuals on the planet have increased by $1.5 trillion, or $15,000 a second, a study by the NGO Oxfam. Another study by “patriot millionaires” in conjunction with Oxfam and other NGOs indicates that a progressive wealth tax, starting at 2% for those with over US$ 5 million and reaching 5% for billionaires, could raise US$ 2.52 trillion, enough to lift 2.3 billion people out of poverty and guarantee health and social protection to the vulnerable in poor countries.

The letter says that while the world has gone through an immense amount of suffering in the last two years, the richest have seen their wealth rise during the pandemic and very few —if any— are paying their fair share in taxes. The group urges governments to “tax us, the rich, and tax us now.”


Source: Open letter | Oxfam study