More than 250 billionaires and millionaires are calling on the political elite meeting at the World Economic Forum in Davos to consider introducing wealth taxes, with the aim of helping to upgrade public services worldwide.
“Our request is simple: we ask you to tax us, the wealthy in society,” the rich said in an open letter to world leaders. This will not fundamentally affect our standard of living, nor will it deprive our children, nor will it harm the economic development of our nations. However, we will transform this unproductive private wealth into an investment in our common democratic future. The signatories from 17 countries include Abigail Disney, Disney heiress, Brian Cox who played fictional billionaire Logan Roy in Succession, actor and screenwriter Simon Pegg, as well as Valerie Rockefeller, heiress to the US dynasty.
In the letter, titled “Proud to Pay,” we say that we are the ones who benefit most from the status quo. I intend to deliver this letter to world leaders meeting in Davos, Switzerland, on Wednesday. However, inequality has reached a critical point, and its costs to economic, social, and ecological stability are serious. These costs are increasing every day.
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A new survey of the preferences of the super-rich shows that 74% support higher taxes on wealth, in order to tackle the cost of living crisis and improve public services. The survey, conducted by Survation on behalf of the Patriotic Millionaires campaign, surveyed the views of more than 2,300 respondents from G20 countries who have assets of more than $1 million, excluding their homes. These respondents are ranked in the richest 5%.
According to the poll, 58% supported implementing a 2% wealth tax on people with assets over $10 million, while 54% believe extreme wealth is a threat to democracy.
Guy Singh-Watson, the British farmer-turned-entrepreneur and founder of the company Riverford, said: “This poll seems to suggest that the whole world, including the richest people, wants to tax the super-rich. But where is the leadership from our elected representatives who have the power to actually make this happen? We, the richest, are sick and tired of inaction. It is no surprise then that the other side of society, the lower-income workers, has lost all patience.”
A “modest” wealth tax of 1.7% on the richest 140,000 people in the UK could raise more than £10 billion to boost public services, according to a proposal by the Trade Union Confederation (TUC) last year.
The 250 richest families in the UK have a combined wealth of £748 billion, according to the latest Sunday Times Rich List. This represents an increase of £44 billion on the previous year. They include Prime Minister Rishi Sunak and his wife Akshata Murty, who are ranked 275th out of 350 and have a combined wealth of £529 million. Also on the list is the 32-year-old Duke of Westminster, with a fortune of £9.9 billion.
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Cox, an Emmy and Golden Globe-winning actress, said: “We are experiencing a second ‘gilded age’. Billionaires are exploiting their extreme wealth to gain political power and influence, while undermining democracy and the global economy. If elected officials refuse to confront this accumulation of money and power, the consequences will be devastating.”
Source: theguardian.com
