More than 100 millionaires signed an open letter asking to be taxed more heavily

The Disney heiress Abigail Disney, one of the letter’s signatories.

102 millionaires said the global tax system is unfair and that they should be taxed more.
They said most of them saw their wealth rise during the pandemic, and don’t pay enough in taxes.
They said the global tax system was “designed to make the rich richer” and called for an overhaul.

One hundred and two millionaires across the US and Europe signed an open letter that called the current tax system unfair and asked to be taxed more heavily.

The letter, directed toward those attending this year’s virtual World Economic Forum meeting, said taxing the rich was needed to bring trust and fairness to the world. The meeting, which typically takes place in Davos, Switzerland, is an annual invitation-only event attended by the world’s richest and most powerful people.

“As millionaires, we know that the current tax system is not fair,” the letter said.

“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 letter came after Oxfam calculated that the world’s 10 richest men more than doubled their wealth during the pandemic.

“This injustice baked into the foundation of the international tax system has created a colossal lack of trust between the people of the world and the elites who are the architects of this system,” the open letter said.

It called for “a complete overhaul of a system that up until now has been deliberately designed to make the rich richer.”

The signatories include the Disney heiress Abigail Disney.

“To put it simply, restoring trust requires taxing the rich. The world — every country in it — must demand the rich pay their fair share,” the letter said.

“Tax us, the rich, and tax us now.”

Read the original article on Business Insider

Finance, Politics, News UK, Speed desk, Tax, Davos, Millionaire, World Economic Forum

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