The paper also highlights the extensive public attitude polling on inequality and tax, conducted in G20 countries over the last six years by multiple agencies, all of which show an overwhelming public support for taxing the rich.
Marlene Engelhorn, co-founder of taxmenow, author, and millionaire signatory on the letter said, “The whole world – economists, publics, and millionaires alike – can see the solution that is staring us all right in the face: we have to tax the ultra rich. If we care about the safety of democracy, about our communities, and our planet we have to get this done. And yet our decision-makers either don’t have the gumption or don’t feel the need to listen to all of these voices. It begs the question, ‘What, or who, is stopping them?’”
The introduction of annual wealth taxes is argued as a key solution to addressing the wealth extreme. According to the report analysis, if a wealth tax was introduced globally, starting at 2 percent annually for those with more than $5 million, 3 percent for those with over $50 million, and rising to 5 percent annually for billionaires, the revenue potential could be $1.7 trillion a year.
The letter will be handed over in person by Patriotic Millionaires member, Phil White and Marlene Engelhorn of taxmenow. It was circulated by Patriotic Millionaires and PMUK, Tax Me Now, Millionaires for Humanity, Fight Inequality Alliance, Institute for Policy Studies, and Oxfam, and reminds political leaders: ‘Extremes are unsustainable, often dangerous, and rarely tolerated for long. So why, in this age of multiple crises, do you continue to tolerate extreme wealth?’
Notes to Editor
Download The Cost of Extreme Wealth, letter and list of signatories
Data on the richest individuals is from Wealth-X and figures on billionaires come from Forbes’s Billionaires List. Download the report HERE.
Review of public polling in G20 countries on inequality and taxation
Jeshua Hope, Communications Support Officer: [email protected]