The group of more than 100 millionaires from nine countries around the world has called for a wealth tax on the rich.
The Patriotic Millionaires group called for a wealth tax on the rich, calling for “We tax the rich immediately.”
International charity Oxfam today announced that a wealth tax on the rich would contribute to reducing inequality and that basic social services such as public health and education could be funded.
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The Patriotic Millionaires group made the same call at the World Economic Forum in Davos, Switzerland.
Members of the Patriotic Millionaires group include Disney heir Abigail Disney, Marlene Engelhorn, heir to German chemical giant BASF, and US businessman Nich Hanauer.
According to Oxfam, it is possible to generate $2.52 trillion in tax revenue annually by cutting wealth taxes starting at 2 percent for wealthy people and 5 percent for billionaires.
“As millionaires, we know that the current tax system is unfair. In the last two years, our wealth has increased during the pandemic while the world has been going through an extremely painful period. However, to be honest, very few of us can say that he made a fair contribution through taxes.”