Make us pay more tax, say 'patriotic millionaires' at Davos virtual summit

WION Web Team
Zurich Updated: Jan 19, 2022, 12:21 PM(IST)

The entire wealth tax from millionaires and billionaires could help lift over 2 billion people out of poverty Photograph:( Reuters )

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According to a study conducted by the group including NGOs, a wealth tax starting at 2 per cent for those worth over $5 million, three per cent for high net individuals over $50 million and 5 per cent for billionaires could raise $2.52 trillion.

Several billionaires and millionaires have appealed to leaders at the virtual meeting of the World Economic Forum to make them pay more taxes.

The group calling itself "patriotic millionaires" sent an open letter to the virtual Davos meeting conceding that their wealth had actually risen during the pandemic as they pointed out that the "current tax system is not fair."

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"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 said.

The signatories include Disney heiress Abigail Disney. According to a study conducted by the group including NGOs, a wealth tax starting at 2 per cent for those worth over $5 million, three per cent for high net individuals over $50 million and 5 per cent for billionaires could raise $2.52 trillion.

The entire wealth tax from millionaires and billionaires could help lift over 2 billion people out of poverty, the report said. The group said the wealth tax could also help to ensure universal healthcare and social protection.

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The group also pushed for higher wealth tax for billionaires at 10 per cent which could raise over $3.6 trillion a year. 

The last two years have witnessed an exponential rise in billionaires and millionaires even as the world has battled the coronavirus pandemic.

The World Bank has also urged nations to impose wealth tax to help reduce inequality as countries battle the pandemic.

(With inputs from Agencies)

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