Why 400 millionaires, billionaires seek more taxes on the super-rich
What's the story
Almost 400 millionaires and billionaires from 24 countries have urged global leaders to impose higher taxes on the super-rich. The call comes amid growing concerns over extreme wealth's impact on politics and society. The open letter, timed with the World Economic Forum in Davos, seeks to address the widening gap between the ultra-wealthy and everyone else.
Concerns raised
Wealth concentration and its societal implications
The letter, signed by notable personalities such as actor Mark Ruffalo, musician Brian Eno, and philanthropist Abigail Disney, highlights how extreme wealth is corrupting politics, fostering social exclusion, and exacerbating the climate crisis. It says a few global oligarchs with extreme wealth have taken over democracies, silenced media freedom, monopolized technology and innovation, worsened poverty and social exclusion, and hastened the planet's deterioration.
Poll results
Survey reveals millionaire sentiments on wealth and politics
A poll conducted by the Patriotic Millionaires group found that 77% of millionaires from the G20 countries believe extremely wealthy people buy political influence. The survey also showed that 75% of respondents think Donald Trump has negatively affected global economic stability. Over 60% were worried about extreme wealth threatening democracy, with two-thirds supporting higher taxes on the super-rich to fund public services.
Wealth disparity
Oxfam highlights unprecedented rise in billionaire wealth
Oxfam International's Executive Director Amitabh Behar said, "Last year the rise in billionaire wealth was unprecedented." Behar added that it is incomprehensible that the richest 1% now own three times more than all of the world's public wealth combined. He called for immediate taxes on super-rich and prioritizing inequality reduction as governments continue to give them free rein.