Greater than 100 millionaires and billionaires from 9 nations have signed an open letter pleading for increased taxes on the rich to start to handle the “injustice” of tax methods around the globe.

The “injustice baked into the muse of the worldwide tax system has created a colossal lack of trust between the individuals of the world and the elites who’re the architects of this technique,” mentioned signatories within the “Patriotic Millionaires” group within the letter launched early this week.

“To place it merely, restoring belief requires taxing the wealthy. The world — each nation in it — should demand the wealthy pay their fair proportion,” the letter states. “Tax us, the wealthy, and tax us now.”

The letter was printed this week partly to draw the attention of the worldwide elite convening digitally for the digital World Financial Discussion board in Davos, Switzerland.

There’s “no defending a system that endlessly inflates the wealth of the world’s richest individuals whereas condemning billions to simply preventable poverty,” mentioned Patriotic Millionaires Chair Morris Pearl, former managing director at Blackrock. “We’d like deep, systemic change, and that begins with taxing wealthy individuals like me.”

It’s not simply charity, famous the letter — signed by American movie producer and heiress Abigail Disney and U.S. entrepreneur and enterprise capitalist Nick Hanauer, amongst scores of different Individuals — but additionally an intuition for equity, rationality and survival, which will probably be tough in more and more fraught conditions with unbridgeable wealth gaps.

“Present the individuals of the world that you just deserve their belief,” the letter urges different rich residents of the world. “Should you don’t, then all of the personal talks received’t change what’s coming — it’s taxes or pitchforks. Let’s take heed to historical past and select correctly.”

The wealth hole has grown even more enormous amid the COVID-19 pandemic.

The typical incomes of the underside 40% worldwide in 2021 are 6.7% lower than pre-pandemic projections.

The wealth of the wealthiest, in the meantime, has exploded in the course of the pandemic. The wealth of the ten richest men on this planet doubled during the pandemic, in keeping with an Oxfam report this week. Elon Musk elevated his wealth by 1,000% to $270 billion since March 2020.

A report final yr revealed {that a} huge Trump administration property tax giveaway that particularly served the ultra-rich triggered a 50% plunge in IRS revenue from the taxes. Property tax funds dropped from $20 billion to simply over $9 billion in 2020, Bloomberg reported, primarily based on its analysis of IRS data.


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