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Billionaires beg for taxation!

billionaires beg for taxation

Abigail Disney, Valerie Rockefeller, and Brian Cox are notable individuals whose signatures are on an open letter that fervently calls on global leaders to implement taxation measures targeting the world's wealthiest individuals. This initiative, spearheaded by the Patriotic Millionaires group, has successfully rallied the support of over 250 billionaires and multimillionaires from diverse backgrounds.

The crux of their straightforward request lies in the willingness of the wealthiest in society, including themselves, to embrace taxation. The proponents argue that such measures would not substantially alter their standard of living, adversely affect their offspring, or impede the economic growth of their respective nations.

Rather, they contend that taxing extreme and seemingly unproductive private wealth would effectively channel resources into investments for a shared democratic future. This sentiment was eloquently articulated in a letter addressed to leaders participating in the prestigious World Economic Forum in Davos.

Among the signatories lending their support to this appeal are prominent figures such as Abigail Disney and Valerie Rockefeller, heirs to family empires, and the acclaimed Scottish actor Brian Cox, known for portraying the character of billionaire Logan Roy in the popular TV series "Succession". Notably, Brian Cox's private wealth is comparatively modest, ranging from 15-18 million dollars.

In total, the open letter boasts 260 signatures from the wealthiest individuals across 17 countries, creating a powerful collective voice advocating for a reevaluation of global taxation policies.

This call to action is not an isolated event; a similar appeal reached leaders at the Davos Economic Forum almost precisely a year ago, amassing 200 signatures at that time. Over the past year, the Patriotic Millionaires initiative has successfully garnered new support and expanded its influence.

Surveys conducted by the Patriotic Millionaires reveal compelling statistics. Reportedly, as much as 74% of individuals within the wealthiest echelons express support for the idea of increasing taxes on their demographic. Specifically, 58% of survey participants endorse the introduction of a 2% wealth tax on amounts exceeding 10 million dollars. Furthermore, 54% of respondents agree with the assertion that extreme wealth poses a tangible threat to democracy.

The EU Tax Observatory estimates that the proposed 2% tax on the world's wealthiest individuals could generate nearly 250 billion dollars in annual revenue. However, skeptics and wry commentators note that even if calls for tax increases are heeded, billionaires are adept at navigating loopholes and tax avoidance strategies.

Their fortunes often swell through investments in stock markets or through ownership of foundations, and a significant number do not shy away from utilizing offshore tax havens.

In essence, the push for wealth taxation, as advocated by these influential individuals, raises not only economic considerations but also broader societal questions about democracy, equality, and the responsibilities of the most affluent members of society.


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