Billionaires, Millionaires Plead, "Tax Us!"

<p>In a plot twist that even the most seasoned scriptwriters would envy,
over 250 billionaires and millionaires have penned an open letter to Davos
leaders, throwing shade and wealth at the economic debate. Their message? “Tax
us.”</p><p>The Uber Wealthy’s Tax Plea</p><p>This isn't a Robin Hood tale, it’s a true story of the rich wanting to contribute.
From oil heiress Valerie Rockefeller to Succession's Logan Roy (Brian Cox) and
Abigail Disney, they're all in. But is this a genuine call for equality or a
sly move in the high-stakes chess game of public opinion? Maybe. But in Disney’s
case, she’s got form, saying in a <a href="https://www.thecut.com/2019/03/abigail-disney-has-more-money-than-shell-ever-spend.html">2019
interview</a>, that she dismissed the allure of becoming a billionaire, deeming
it "insane" and emphasizing the ease of making money if you begin
with a substantial sum.</p><p>Over 250 Conspirators</p><p>As the world’s elite converge on Davos, over 250 billionaires and millionaires,
often the epitome of economic opulence, have signed on to the <a href="https://proudtopaymore.org/">open letter</a>.</p><blockquote><p lang="en" dir="ltr">Brian Cox, Abigail Disney, and 260 other millionaires and billionaires have a message for Davos: “We ask you to tax us, the very richest in society. This will…turn extreme…wealth into an investment for our common democratic future.”<a href="https://t.co/UsAFBdGFen">https://t.co/UsAFBdGFen</a></p>— Patriotic Millionaires (@PatrioticMills) <a href="https://twitter.com/PatrioticMills/status/1747651240928985422?ref_src=twsrc%5Etfw">January 17, 2024</a></blockquote><p>In the letter, they plead with world leaders to embrace a revolutionary
concept: taxing the very upper echelons of society. It's a proposition that, if
taken at face value, could reshape the narrative of wealth distribution and
societal responsibility.</p><p>Patriotic Millionaires</p><p>Contrary to expectations, surveys indicate that a significant chunk of
the super-rich supports the idea of taxing individuals with bulging
billion-dollar pockets. A recent poll by advocacy group <a href="https://patrioticmillionaires.org/">Patriotic Millionaires</a> reveals a
staggering 75% of the uber-wealthy backing a 2% wealth tax on their fellows.
Moreover, 66% are ready to extend this tax to their own bank accounts if it
ensures improved public services and economic stability. A surprising 54% agree
that extreme wealth concentration poses a threat to democracy.</p><p>A Widening Gap</p><p>This unexpected call to action comes as the ultra-rich witness their
wealth skyrocket. A <a href="https://oi-files-d8-prod.s3.eu-west-2.amazonaws.com/s3fs-public/2024-01/Davos%202024%20Report-%20English.pdf">report
by UK-based charity Oxfam</a>, endorsing the billionaires' letter, notes that
the world’s wealthiest men have doubled their collective wealth since 2020.
Oxfam even predicts the emergence of the world's first trillionaire within the
next decade.</p><p>In the US, where the rich-poor divide continues to expand, a long-term
analysis reveals a $21 trillion surge in the net worth of the top 1% over three
decades, while the bottom 50% experienced a $900 billion drop. A proposed 2%
tax on global billionaires, according to the <a href="https://www.taxobservatory.eu/">EU Tax Observatory</a>, could annually
raise nearly $250 billion.</p><p>The open letter concludes with a philosophical choice: a future adorned
with "tax pride" or a lingering "economic shame." As the
curtain rises on this unexpected act, the world watches to see whether this
billionaire bravado translates into tangible change or remains an elaborate
performance on the global stage.</p><p>Who’d thought it. We just wonder where Jeff Bezos of <a href="https://www.financemagnates.com/tag/amazon/">Amazon</a> and <a href="https://www.financemagnates.com/tag/elon-musk/">Elon Musk</a> of Tesla, X, et cetera, stand on the
issue… We’re not so sure they’ll have signed.</p>

This article was written by Louis Parks at www.financemagnates.com.