100-Plus Millionaires Call for Wealth Taxes on the World's Richest: 'Tax Us Now' The group calls itself the 'Patriotic Millionaires,' and it includes Disney Heiress Abigail Disney, who has long called for higher taxes on the ultra-wealthy, and her brother Tim Disney.
By Amanda Breen •
In a bid to bridge the widening wealth gap, some of the world's richest citizens are requesting that governments across the globe raise taxes on ultra-wealthy individuals. The call to action was published this week as an open letter signed by 102 millionaires who share a belief that the current international tax system has fostered inequality and mistrust.
The group calls itself the "Patriotic Millionaires," and it includes Disney heiress Abigail Disney, who has long called for higher taxes on the ultrawealthy; her brother Tim Disney; and venture capitalist and early Amazon investor Nick Hanauer. The signatories come from eight different countries, including the U.S., Canada, the UK and Germany.
"As millionaires, we know that the current tax system is not fair," they wrote. "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."
Related: Why the Rich Need to Stop Worrying About Being Taxed
"To put it simply, restoring trust requires taxing the rich," the letter continues. "The world — every country in it — must demand the rich pay their fair share. Tax us, the rich, and tax us now."
The letter's release coincides with the originally scheduled timing of this year's World Economic Forum, which brings together world leaders, business executives and other elites in Davos, Switzerland. (The in-person 2022 Forum has been deferred to this summer due to ongoing pandemic-safety concerns, with a series of virtual sessions occurring this week.)
The 2022 Forum's theme asks, "How do we work together and restore trust?" and the aforementioned millionaires are urging particpants to "acknowledge the simple, effective solution staring them in the face" — higher taxes for the rich.
The letter also comes after Oxfam issued a report advocating more taxation for the rich. According to the organization, the world's 10 richest men have profited so much from the pandemic that a one-time 99% tax on their gains could, at minimum, cover the cost of all Covid-vaccine production.
Related: How Do Wealthy People Get Away With Not Paying Their 'Fair Share' of Taxes?
