Tax our wealth – Millionaires Demand

It is surprised, everyone. An extraordinary letter has come to light from Davos, where the World Economic Forum conference is taking place. The 102 Millionaires around the world wrote an open letter urging governments to impose more taxes on their wealth, thereby reducing the unusually high economic disparities. They said the current tax system was not fair and as a result was losing credibility. They call on governments to hike taxes to help the poor amid of pandemic situation. Their appeal made a review on wealthy individuals and nonprofits found that a wealth tax on the world's richest people could raise $2.52 trillion per year.

In the letter, they mentioned that the world has been facing severe financial difficulties for the past two years. But, it can be said that our wealth has increased significantly even during the epidemic. We can say that we can pay our fair share of taxes. There are three companies in this Millionaires group who demand taxes on them. One is the American Patriotic Millionaires, the other is the Taxi Millions of Germany and the third is the Danish Millionaires for Humanity. Group members include Disney's heiress Abigail Disney, her brother Tim Disney and former Amazon former investor Nick Hanour. The letter was signed by people from 9 countries including the US, UK, Canada, Germany, etc.

The letter urged the governments of all countries to demand that the rich pay their fair share of taxes. "Tax us rich people. Do that now," they demanded. However, the letter did not specifically mention any proposals for a tax increase. The letter comes as the World Economic Forum (WEF) virtually convenes to discuss the challenges facing the world and their solutions. However, most countries in Europe and South America do not have a wealth tax. In this context, the World Bank last year suggested a tax on wealth to reduce the gap between inequalities. Only Argentina and Colombia introduced a new wealth tax regime after the Corona epidemic.