Over 250 billionaires and millionaires have united to call for wealth taxes, sending a clear message to the political elite currently convening at the World Economic Forum in Davos. Signatories of the open letter are urging world leaders to consider taxing the super-rich as a means to address global inequality and fix public services.
Unprecedented Plea for Taxation
“Our request is simple: we ask you to tax us, the very richest in society,” states the open letter.
The signatories emphasize that “this will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
A Collective Acknowledgment of Privilege
Among the notable figures supporting this initiative are Abigail Disney, heir to the Disney fortune, Succession actor Brian Cox, and philanthropist Valerie Rockefeller, heir to the illustrious Rockefeller dynasty.
The letter shows that the diverse group of signatories are aware of their own position within the current economic structure, acknowledging, “We are also the people who benefit most from the status quo.”
Urgent Need for Action
But it emphasizes the urgent need for action due to the escalating societal, economic, and ecological risks associated with inequality.
“Proud to Pay”
In a letter titled “Proud to Pay,” the signatories will present their collective call for wealth taxes directly to world leaders gathered at Davos.
They stress that “inequality has reached a tipping point, and its cost to our economic, societal, and ecological stability risk is severe, and growing every day. In short, we need action now.”
The letter and its signatories emphasize that philanthropy and public donations are insufficient to address the issue.
Billionaires Surprise
A crucial aspect of the letter is the signatories’ surprise at the lack of response to their earlier appeals for increased taxation.
They declare, “Not only do we want to be taxed more, but we believe we must be taxed more. We would be proud to live in countries where this is expected, and proud of elected leaders who build better futures.”
Support for Wealth Tax From the Super-Rich
A recent survey conducted by Survation on behalf of Patriotic Millionaires, a campaign group, revealed that 74% of the super-rich support higher taxes on wealth.
A 2% Wealth Tax?
The survey polled over 2,300 respondents from G20 countries, each holding more than $1 million in investable assets, excluding their homes. 58% of respondents expressed support for a 2% wealth tax on individuals with over $10 million, and 54% of the super-rich viewed extreme wealth as a threat to democracy.
Lack of Leadership
Guy Singh-Watson, a former British farmer turned entrepreneur, voiced frustration over the lack of leadership on this issue.
Tired of Inaction
He stated, “This poll seems to show that the whole world, including the richest people, wants to tax the super-rich. So where on Earth is the leadership from our elected representatives who have the power to actually do it?
We, the very richest, are sick and tired of inaction, so it’s hardly surprising that working people, at the sharp end of our rigged economies, have lost all patience.”
A Call for Political Fortitude
In a statement, Abigail Disney warned of the consequences of extreme wealth inequality, stating, “Throughout history, pitchforks were the inevitable consequence of extreme discontent, but today, the masses are turning to populism, which is on the rise throughout the world.”
She added, “We already know the solution to protect our institutions and stabilize our country: it’s taxing extreme wealth.
It Is Time
What we lack is the political fortitude to do it. Even millionaires and billionaires like me are saying it’s time. The elites gathering in Davos must take this crisis seriously.”
Brian Cox’s Warning
Brian Cox, Emmy, and Golden Globe-winning actor, drew similarities to the current era as a “second Gilded Age,” where billionaires leverage extreme wealth for political power, potentially undermining democracy and the global economy.
Cox argues that “It’s long past time to act. If our elected officials refuse to address this concentration of money and power, the consequences will be dire.”
Release Amid Oxfam Report
The release of this letter comes at the same time as a report by Oxfam that warns that inequality has intensified since 2020.
According to their data, the fortunes of the world’s richest five men have doubled while the poorest 60% of the global population have become even worse off.
The Call to Tax the Super-rich Gains Momentum
As the call to tax the super-rich gains momentum, it remains to be seen how political leaders at Davos and around the world will respond to this unprecedented and collective plea from some of the wealthiest individuals on the planet.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
