A growing number of billionaires, led by Bill Gates, are rallying for increased taxation on the ultra-rich.
Billionaires Rally for Higher Taxes
In his Reddit “Ask Me Anything” session last year, Gates expressed surprise at the lack of significant tax increases for the wealthy. He reinforced this call at the World Economic Forum in Davos, advocating for richer nations to donate more to developing countries as a means to address inequality.
Time to Give More?
“Those who have the most — whether it’s countries, companies, or individuals — should be pushed to be more generous,” Gates stated.
250+ Ultra-Rich Ready to Pay
This idea is apparently gaining momentum, as evidenced by over 250 ultra-wealthy individuals endorsing an open letter urging global leaders to implement a wealth tax. The letter straightforwardly requests,
‘Tax us’
“Our request is simple: we ask you to tax us, the very richest in society,” the letter reads. “This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nation’s economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
Wealthy Celebrities Push for Change
Prominent figures like Abigail Disney, Brian Cox of “Succession,” Simon Pegg, and Valerie Rockefeller are among the wealthy signatories from 17 countries backing the call for higher taxes.
‘Proud to Pay’
They acknowledge their benefit from the current system in their letter titled “Proud to Pay,” which they plan to present to world leaders at Davos, Switzerland. Yet, they emphasized, “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.”
Inequality Demands Action
The letter, part of the “Proud To Pay More” campaign and backed by influential groups like Oxfam, warns of the dire consequences if world leaders fail to address the soaring economic inequality.
Shift from Luxury Travel
Accompanying this letter is a report featuring a candid admission from Abigail Disney. She admits to her past mistake of using a private Boeing 737 for travel between California and New York and has since given up private flying to reduce her environmental impact
1% to Blame?
In her note, Disney also points the finger at the wealthiest 1% for their role in climate change, citing their lavish lifestyles involving private jets, superyachts, and even private space rockets.
A Solution to Living Costs?
A Survation survey for Patriotic Millionaires shows a notable 74% of the ultra-wealthy backing increased wealth taxes to alleviate living costs and enhance public services.
Rich Support 2% Wealth Tax
The poll, including over 2,300 G20 respondents with investable assets over $1 million, reveals a significant 58% favor a 2% wealth tax on individuals worth over $10 million, and 54% believe extreme wealth threatens democracy.
Demand for Action
Reflecting on a poll indicating a general consensus for taxing the ultra-rich, Guy Singh-Watson of Riverford, known for its vegetable box delivery service, criticizes the lack of initiative from elected leaders to implement such measures.
Wealth Tax and Public Services
The TUC has suggested that a 1.7% wealth tax on the UK’s wealthiest could raise over £10bn for public services. The latest Sunday Times rich list shows the 250 richest UK families amassing £748bn, including figures like Prime Minister Rishi Sunak and the Duke of Westminster.
‘The consequences will be dire’
Actor Brian Cox, an Emmy and Golden Globe winner, compares today’s era to a second ‘Gilded Age,’ where billionaires use their wealth to gain political power and threaten democracy and the economy.
“It’s long past time to act,” Cox said. “If our elected officials refuse to address this concentration of money and power, the consequences will be dire.”
More from AllThingsFinance: Court Finally Unseals Secretive Case of Jan 6 Offender
Samuel Lazar sentenced for Jan. 6 insurrection; previously confidential case now revealed: Court Finally Unseals Secretive Case of Jan 6 Offender
Jack Smith continues pushing Judge Cannon, reminding her that “the speedy trial clock” is ticking
Jack Smith urges Judge Aileen Cannon for a speedy trial in a classified documents case involving ex-President Trump: Jack Smith continues pushing Judge Cannon, reminding her that “the speedy trial clock” is ticking
Defamation lawsuit against Kari Lake advances while people compare her to Rudy Giuliani
Kari Lake loses First Amendment right to accuse Maricopa County recorder; Arizona Republic ponders if she’s channeling Rudy Giuliani in her sleep : Defamation lawsuit against Kari Lake advances while people compare her to Rudy Giuliani
More Democrats are flipping in a crucial swing state than Republicans
In Pennsylvania, a significant number of registered Democrats flipping is sending an unflattering signal to President Biden: More Democrats are flipping in a crucial swing state than Republicans
