Economic Forum in Davos, Switzerland, with a seemingly counterintuitive demand: tax our wealth. In an open letter titled “Proud to Pay,” a chorus of billionaires and millionaires from 17 countries appealed to the world leaders in attendance to implement wealth taxes as a means to tackle the growing inequalities and to invest in a “common democratic future.”
The affluent signatories, including Disney heir Abigail Disney, actor Brian Cox, screenwriter Simon Pegg, and Valerie Rockefeller, heir to the U.S. Rockefeller dynasty, have voiced a pressing concern.
Over 250 billionaires and millionaires are urging the political elite at the World Economic Forum in Davos to implement wealth taxes to fund improved public services globally.
“Our request is simple: we ask you to tax us, the very richest in society,” the wealthy people said in an open letter to world leaders. “This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
“We are also the people who benefit most from the status quo,” they said in a letter titled Proud to Pay, which they will attempt to deliver to world leaders gathered in Davos in Switzerland on Wednesday. “But 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.”
The call to action is supported by results from a recent survey by Survation for the group Patriotic Millionaires. The survey, which included over 2,300 respondents from G20 nations with at least $1 million in investable assets, showed that 74% back increased taxes on wealth to tackle the cost of living crisis and enhance public services. Additionally, 58% were in favor of a 2% wealth tax on individuals with wealth over $10 million, while 54% identified extreme wealth as a danger to democracy.
Guy Singh-Watson, the British entrepreneur behind Riverford, expressed the frustration of affluent progressives, stating, “This poll seems to show that the whole world, including the richest people, wants to tax the super-rich. So where on Earth is the leadership from our elected representatives who have the power to actually do it?”
The public call for a wealth tax is not merely an ideological stance but is backed by tangible fiscal potential. For example, the Trades Union Congress (TUC) in the UK suggested that even a “modest” 1.7% wealth tax on the nation’s richest could yield over £10 billion for public services.
Guy Singh-Watson, the British farmer-turned-entrepreneur who founded vegetable box delivery company Riverford, said: “This poll seems to show that the whole world, including the richest people, wants to tax the super-rich. So where on Earth is the leadership from our elected representatives who have the power to actually do it? We, the very richest, are sick and tired of inaction, so it’s hardly surprising that working people, at the sharp end of our rigged economies, have lost all patience.”
The push comes amid a broader critique of wealth concentration. Some activists and scholars advocate for capping wealth much lower than current levels, with proposals such as a hard cap on personal wealth at $10 million. The argument extends beyond the destabilizing effects of inequality, encompassing the disproportionate political influence wielded by the super-rich, as well as the detrimental impact on public trust and democratic institutions.
Actor Brian Cox, known for portraying a billionaire on television, drew parallels between our times and the historic “Gilded Age,” Cox, an Emmy and Golden Globe-winning actor, said: “We are living in a second ‘Gilded Age’. Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy. It’s long past time to act. If our elected officials refuse to address this concentration of money and power, the consequences will be dire.”
Relevant articles:
– Tax our wealth, super-rich tell politicians at Davos
– Hundreds of millionaires, billionaires urge politicians at Davos to tax their wealth, UPI News, Wed, 17 Jan 2024 08:45:59 GMT
– The Case for Capping Wealth at $10 Million, The Nation, Wed, 17 Jan 2024 10:07:30 GMT
– Millionaires come together to ask for ultra-rich to be taxed more, The Independent, Wed, 17 Jan 2024 05:12:14 GMT