More than 100 millionaires say current tax systems are “not fair” and increasing wealth taxes would help resolve inequalities made dramatically worse by the Covid-19 health crisis
Millionaires from around the world have signed an open letter asking governments to tax them at higher rates.
The letter was published online Wednesday, mid-way through Davos, the World Economic Forum’s annual meeting being held virtually this year.
The signatories of the letter –which was the result of a joint initiative from equality advocacy groups Patriotic Millionaires, Millionaires for Humanity and TaxMeNow – said current tax systems were “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 world – every country in it – must demand the rich pay their fair share,” wrote the millionaire signatories from the US, UK, Germany, Canada, Denmark, Austria, the Netherlands, Norway and Iran.
The letter came as Oxfam released a report on Monday detailing how the pandemic has exacerbated wealth inequality around the world.
According to the report, the unique circumstances of the pandemic have pushed an extra 160 million people into poverty while the world’s 10 richest men have doubled their fortunes.
