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Tags: millionaires | taxes | letter | economics | forum

Millionaires Group: 'Tax Us, the Rich, and Tax Us Now'

Millionaires Group: 'Tax Us, the Rich, and Tax Us Now'
A mobile billboard calling for higher taxes on the ultrawealthy depicts an image of billionaire businessman Jeff Bezos, near the U.S. Capitol on May 17, 2021 in Washington, D.C. (Drew Angerer/Getty Images)

By    |   Tuesday, 24 May 2022 10:55 AM EDT

More than 150 members of a group calling itself "Patriotic Millionaires" want attendees of the World Economic Forum in Davos, Switzerland, to increase taxes on the wealthy.

The group's comments came in an open letter posted online Monday and detailed in a report by CNBC.

"If you're participating in the World Economic Forum Annual Meeting in Davos, Switzerland, you're going to be joining an exclusive group of people looking for an answer to the question, 'How do we work together and restore trust?'" the letter said.

"You're not going to find the answer in a private forum, surrounded by other millionaires and billionaires and the world's most powerful people. If you're paying attention, you'll find that you’re part of the problem.

"Trust — in politics, in society, in one another — is not built in tiny side rooms only accessible by the very richest and most powerful. It's not built by billionaire space travelers who make a fortune out of a pandemic but pay almost nothing in taxes and provide poor wages for their workers. Trust is built through accountability, through well-oiled, fair, and open democracies that provide good services and support all their citizens."

The group noted that the foundation "of a strong democracy" was a fair tax system.

"As millionaires, we know that the current tax system is not fair. 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 letter said.

"This injustice baked into the foundation of the international tax system has created a colossal lack of trust between the people of the world and the elites who are the architects of this system.

"Bridging that divide is going to take more than billionaire vanity projects or piecemeal philanthropic gestures — it's going to take a complete overhaul of a system that up until now has been deliberately designed to make the rich richer. 

"To put it simply, restoring trust requires taxing the rich. The world — every country in it — must demand the rich pay their fair share. Tax us, the rich, and tax us now."

According to CNBC, among those signing the letter was actor Mark Ruffalo and heiress Abigail Disney.

Bloomberg News reported in 2020 it takes an annual income of $1 million or at least $5 million in assets to join "Patriotic Millionaires."

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More than 150 members of a group calling itself "Patriotic Millionaires" want attendees of the World Economic Forum in Davos, Switzerland, to increase taxes on the wealthy.
millionaires, taxes, letter, economics, forum
417
2022-55-24
Tuesday, 24 May 2022 10:55 AM
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