Zurich: A group of more than 100 billionaires and millionaires have issued a petition to political and business leaders calling for the World Economic Forum virtually: Make us pay more taxes.
The group, which calls itself “patriotic millionaires”, said the ultra-wealthy were not currently being forced by the pandemic to pay their share of the global economic recovery.
“As millionaires, we know that the current tax system is not fair. Most of us can say that, while the world has gone through a tremendous amount of suffering over the past two years, we have actually seen a rise in our wealth during the pandemic – yet few if any of us can honestly say That we pay our fair share in taxes,” the signatories said in an open letter published on the occasion of the World Economic Forum’s “Virtual Davos”, which began on January 17.
Reuters last year reported a massive increase in the wealth of billionaires in 2020, as the world went into lockdown and the global economy suffered its worst recession since World War II, prompting the millionaire group to call for higher taxes. inspired to.
While this prompted more than 130 countries to agree a deal to ensure that large companies pay a global minimum tax rate of 15%, aimed at making it harder for them to avoid taxation, the millionaires said that The rich still need to contribute more.
During the two years of the pandemic, the wealth of the world’s 10 richest individuals has risen to $1.5 trillion or $15,000 a second – a study conducted by Oxfam revealed this week.
‘Part of the problem’
In the letter, signatories including Disney successor Abigail Disney and venture capitalist Nick Hanauer called on Davos participants for a week of online power-broking and talks: “You won’t be able to find answers in a private forum… you are part of the problem.” “
A spokesman for the World Economic Forum said that paying a fair share of taxes was one of the forum’s principles, and an estate tax – as exists in Switzerland, where the organization is located – could be a good model to deploy elsewhere. Is.
In most countries outside a handful of countries in Europe and a few more recent additions to South America, the wealthy do not have to pay annual taxes on assets such as real estate, stocks or artwork, as they are taxed only when The property is sold.
According to a study conducted by Patriotic Millionaires in conjunction with Oxfam and other nonprofits, a progressive wealth tax starting at 2% for those with more than $5 million and rising to 5% for billionaires, increased to $2.52 trillion. can mobilize, which is enough to lift 2.3 globally. Lifted Arab people out of poverty and guaranteed health care and social security for individuals living in low-income countries.
The World Bank published an article in 2021 urging countries to consider a wealth tax to help reduce inequality, replenish state coffers depleted by COVID-19 relief schemes, and gain social confidence.
However, outside Argentina and Colombia, no new property tax scheme has been introduced since the start of the pandemic.
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