A group of more than 100 high-net-worth individuals issued an open letter at the virtual World Economic Forum on Tuesday, calling on countries to introduce permanent wealth taxes to fund public services.
The group, known as Patriotic Millionaires, addressed his fellow millionaires and billionaires in his open letter entitled “In Taxes We Trust”, in which they stated that “the foundation of a strong democracy is a fair tax system”.
“As millionaires, we know that the current tax system is 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 profits increase during the pandemic. Yet few if any of us can honestly say that we pay our fair share in taxes,” they wrote.
According to the group, the unfair tax system present in many countries has created “a colossal lack of trust between the people of the world and the elites who are the architects of this system.”
“Simply put, restoring trust requires taxing the rich. The world, all the countries that comprise it, must demand that millionaires pay their fair share. Tax us and tax us now,” the group wrote.
“It’s taxes or the gallows. Let’s listen to history and choose wisely.”
Davos 2022: What is Patriotic Millionaires?
Patriotic Millionaires was founded in 2010 as a non-partisan US lobbying group aimed at ending Bush-era tax cuts on the wealthy and has since begun lobbying globally to improve taxes on the wealthy. wealth.
British businesswoman Gemma McGough, a founding member of the group, said in a statement: “A common value shared by most people is that if something isn’t fair, then it isn’t right. Do people trust them?
“They are being asked to shoulder our shared economic burden over and over again, while the wealthiest people see their wealth and comfort continue to grow. For all our well-being, rich and poor alike, it is time to right the wrongs of an unequal world. It’s time to tax millionaires,” McGough said.
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