More than 200 millionaires signed a letter that questions political leaders in Davos (Switzerland): “Why, in this era of multiple crises, do you continue to tolerate extreme wealth?”
Displayed at the World Economic Forum, the document calls for greater taxation of large fortunes “for the common good” and has the signatures of personalities such as actor Mark Ruffalo, the heirs of the Disney empire (Abigail and Tim), and the Austrian Marlene Engelhorn_who rejected the inheritance of more than BRL 20 billion. See the complete list at the end of this text.
“We are living in an age of extremes. Rising poverty and rising wealth inequality; the rise of anti-democratic nationalism; extreme weather and ecological decline; profound vulnerabilities in our shared social systems; and the dwindling opportunity for billions of ordinary people earning a living wage”, states the beginning of the “Cost of Extreme Wealth” letter.
The open letter is illustrated by a montage of photos of Presidents Joe Biden (USA) and Luiz Inácio Lula da Silva (Brazil), Prime Ministers Rishi Sunak (United Kingdom) and Fumio Kishida (Japan), and billionaire Elon Musk.
Millionaires and billionaires from the United States, United Kingdom, Germany, Canada, Holland, France, Sweden and Italy sign the text. No Brazilians participate in the appeal for “fairer economies”.
“The solution is simple for all to see. You, our global representatives, must tax us, the ultra-rich, and you must start now,” reads another excerpt from the document.
The letter is a response to the report by the NGO Oxfam this week, which points to a drastic acceleration of inequalities and extreme poverty in the last decade.
According to organizationduring the pandemic, the richest 1% of the world’s population accumulated almost two-thirds of all the world’s wealth – six times more than the 7 billion people who make up the poorest 90% of humanity.
#TaxTheRich
Hey you billionaires, pay what you owe
As the global elite presented the letter in Davos, New York (USA), a demonstration gathered activists and lawmakers in front of an iconic residential building that has served as home to many millionaires and billionaires since it opened in 1929.
Under the rain, the demonstrators asked for the approval of laws that guarantee greater taxation to the country’s super-rich.
According to the British newspaper The Guardian, progressive lawmakers are trying to pass the Invest in New York package, which will include a series of tax reforms on extreme wealth. The tax reform includes the addition of new tax brackets for top earners, higher corporate taxes for the wealthiest companies, and wealth taxes on capital gains, including unrealized capital gains and inheritance. More than a dozen state senators signed the proposal.
Other parts of the country are also fighting for higher taxation on the wealthy. Legislators in California, Connecticut, Hawaii, Illinois, Maryland and Washington have been working on bills that would raise taxes for the wealthy living in their states. Many of the new proposals include taxes on the general wealth of the rich, not just their annual income.
The appeal also echoes on social networks in different parts of the world, with the hashtag “tax the rich”, in literal translation.
CHECK THE LETTER “THE COST OF EXTREME WEALTH” IN FULL
“To the attention of our political leaders in Davos:
We are living in an age of extremes. Increased poverty and rising wealth inequality; the rise of anti-democratic nationalism; extreme weather and ecological decline; deep vulnerabilities in our shared social systems; and the dwindling opportunity for billions of ordinary people to earn a living wage.
Extremes are unsustainable, often dangerous, and rarely tolerated for long. So why, in this age of multiple crises, do you continue to tolerate extreme wealth?
The story of the last five decades is a story of wealth flowing nowhere but upwards. In recent years, this trend has accelerated a lot. In the first two years of the pandemic, the 10 richest men in the world doubled their wealth, while 99% of people saw their income fall. Billionaires and millionaires have seen their wealth grow by trillions of dollars, while the cost of simple living is now crippling ordinary families across the world.
The solution is simple for all to see. You, our global representatives, must tax us, the ultra-rich, and you must start now.
The current lack of action is gravely worrying. A “Global Elite” meeting in Davos to discuss “Cooperation in a Fractured World” is pointless if you are not challenging the root of division. Defending democracy and building cooperation requires action to build fairer economies now – it’s not a problem that can be left to our children to solve.
Now is the time to tackle extreme wealth; now is the time to tax the ultra rich.
There is only so much stress any society can handle, only sometimes will mothers and fathers watch their children starve while the ultra-rich contemplate their growing wealth. The cost of action is much cheaper than the cost of inaction – it’s time to do the work.
Tax the ultra rich and do it now. It’s simple, common sense economics. It is an investment in our common good and in a better future that we all deserve and, as millionaires, we want to make that investment.
What – or who – is stopping you?”
signatories
- Markus Ahlberg (UK)
- Mary Ann (UK)
- Mark Ansell (UK)
- David Altschul (USA)
- William Carman (UK)
- Cynda Collins Arsenault (USA)
- P. Atkinson (USA)
- Peter Backus (UK)
- Michael Bartholomeusz (UK)
- Brian Basham (UK)
- Marc Baum (USA)
- Neil Bentley (UK)
- Robert Berkeley (UK)
- Stefan Binder (Switzerland)
- Adriana Bjäringer (Sweden)
- Jonathan Bloch (UK)
- Jessie Bluedorn (USA)
- Jacqueline Boberg (USA)
- Rich Boberg (USA)
- Ingrid Broad (UK)
- Dana Bronfman (USA)
- Ian Brownell (USA)
- Stephanie Bremer (Germany)
- Robert Burnett (USA)
- Stella Cecil (UK)
- Tom Curran (USA)
- Julia Davies (UK)
- Allan Davis (USA)
- Louise Davis (USA)
- John Dean (USA)
- Anne Delaney (USA)
- Abigail Disney (USA)
- Tim Disney (USA)
- John Driscoll (USA)
- Eugenie E. (France)
- Marlene Engelhorn (Austria)
- Ellen Epstein (USA)
- Rick Feldman (USA)
- Jerry Fiddler (USA)
- Richard Foos (USA)
- Mary Ford (USA)
- Patricia Foschi (USA)
- L. Lloyd Frates (USA)
- Paolo Fresia (UK)
- Ernest Fuhrmann (Austria)
- Ellyn Gelson (USA)
- Nicole Getty (USA)
- Oliver Gillie (UK)
- Becky Gochman (USA)
- Molly Gochman (USA)
- David Green (UK)
- Ian Gregg (UK)
- Peter Groenen (Netherlands)
- Eva Grove (USA)
- Ron Guillot (USA)
- Jonathan Hallama (France)
- Robert Haines (USA)
- Chris Harding (UK)
- Diane Hart (USA)
- Phyllis Hatfield (USA)
- Simon Hermann (Germany)
- Graham Hobson (UK)
- Gerd Hofielen (Germany)
- Lauren Holmes (UK)
- Pierre Hollis Taxis (USA)
- Kay Hoogland (USA)
- Willem van Hoorn (UK)
- Kimberly Hoover (USA)
- Jeff Huggett (USA)
- Christina Hugly (USA)
- Leah Hunt-Hendrix (USA)
- Michael Ilg (Germany)
- Diane Isenberg (UK)
- Frank Jernigan (USA)
- Camilla Johansson (Sweden)
- Kristina Johansson (UK)
- Melissa Johnsen (USA)
- Gabriela Kaplan (Denmark)
- Jean Kaplan (USA)
- Maureen Kennedy (USA)
- Gillian Khosla (Scotland)
- Leon H. Kilian (Germany)
- Mary Alice Kirincic (USA)
- Paul Kirincic (USA)
- Howard Klein (USA)
- Robin Klein (UK)
- Venkat Krishnan (India)
- Anna Lane (USA)
- Richard LaRoche (USA)
- Abraham Lateiner (USA)
- Ulysses Lateiner (USA)
- Jean Latenser (UK)
- Peter Latham (UK)
- Peter Leest (Holland)
- Dieter Lehmkuhl (Germany)
- Lily Lewis (UK)
- Wolfgang Loose (Germany)
- Richard Mader (USA)
- Louisa Mann (UK)
- Gabel Marianne (USA)
- Ane Maro (Denmark)
- Nick Marple (UK)
- Sophie Marple (UK)
- Veronica Marzotto (Italy)
- Noah McCormack (USA)
- Thomas McDougal (USA)
- Gemma McGough (UK)
- Marie McKellar (USA)
- Terence Meehan (USA)
- Maarten Meijnen (Holland)
- Sylva Michelli Ward (UK)
- Renata Minerbo (UK)
- Allan Moelholm (Germany)
- Devika Mokhtarzadeh (UK)
- Suzanne Nash (USA)
- Julia Needham (UK)
- Dave Nixon (USA)
- Guglielmo Notarbartolo (Italy)
- Giorgiana Notarbartolo di Villarosa (Italy)
- John O’Farrell (USA)
- Ken Olum (USA)
- Patricia Palermo (USA)
- John Parker (UK)
- Bill Parks (USA)
- Gary Passon (USA)
- Frank Patitucci (USA)
- Morris Pearl (USA)
- James Perry (UK)
- Jennifer Perry (USA)
- Barbara Pierce (USA)
- Judy Pigott (USA)
- Michael Pine (USA)
- Erica Pinsky (Canada)
- Drew Pomerance (USA)
- Stefan Post (Germany)
- Nick Powell (UK)
- Margaret Kay Primak (USA)
- Stephen Prince (USA)
- Catherine Raphael (USA)
- Amelie Ratliff (USA)
- Elodie Read (UK)
- Dorine Real (USA)
- John Reese (USA)
- Peter Reese (Germany)
- Nancy Reichman (USA)
- Nick Robinson (UK)
- Sarah Robinson (USA)
- Bonnie Rothman (USA)
- Michael Rothman (USA)
- Mark Ruffalo (USA)
- Jonathan Ruga (USA)
- Jacqueline Saphra (UK)
- Robin Saphra (UK)
- Deb Sawyer (USA)
- Eric Schoenberg (USA)
- Antonis Schwarz (Germany)
- Stephen Segal (USA)
- Djaffar Shalchi (IR)
- Spencer Sherman (USA)
- Jonathan Simmons (UK)
- James Simon (USA)
- Daniel Simon (USA)
- Barbara Simons (USA)
- Mark Simpson (UK)
- Akshay Singal (UK)
- Mary Smyth (UK)
- Joel Solomon (Canada)
- Saskia Solomons (UK)
- Alan Solomont (USA)
- Mary Stranahan (USA)
- Guy Singh-Watson (UK)
- Scott Stephens (USA)
- Gary Stevenson (UK)
- Timothy Stumpff (UK)
- Karen Seal Stewart (USA)
- Ralph Suikat (Germany)
- Karen Sweet (USA)
- Richie Tabachnick (USA)
- Eleanor Tew (UK)
- Allison Thomas (USA)
- Elizabeth Thomas (USA)
- Mark Thomas (UK)
- Andrew Tobias (USA)
- Lily Tomson (Germany)
- Mike Tomson (UK)
- Diane Trombetta (USA)
- Claire Trottier (Canada)
- Sylvie Trottier (Canada)
- Agneta Trygg (Sweden)
- Roy Ulrich (USA)
- Matthew Varnham (UK)
- Dale Vince (UK)
- Sabina Vohra-Miller (Canada)
- Dale Walker (USA)
- Christy Wallace (USA)
- Scott Wallace (USA)
- Ross Waller (USA)
- Diana Wege (USA)
- Sage Weil (USA)
- Peter Weinberger (USA)
- Richard Wesley (USA)
- Phil White (UK)
- Carol Winograd (USA)
- Terry Winograd (USA)
- Bennet Yee (USA)
- George Zimmer (USA)
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