An open letter titled “Proud to Pay” implores world leaders to tax the richest people
More than 250 billionaires and millionaires, including prominent figures such as Disney heiress Abigail Disney, actor Brian Cox of Succession fame, screenwriter Simon Pegg and Valerie Rockefeller, are urging political leaders at the World Economic Forum in Davos to implement wealth taxes, The Guardian reported.
This call is summarized in an open letter titled “Proud to Pay.”
The letter implores world leaders to tax the richest people, emphasizing that such measures will not significantly affect their lifestyles but can transform excessive private wealth into an investment for the collective democratic future.
The signatories, from 17 countries, recognize their privilege and affirm that now is the time to act, as inequality poses serious risks to economic, social and ecological stability.
A recent survey of the super-rich reveals that 74% favor higher taxes on wealth to address the cost of living crisis and improve public services.
The survey, conducted by Survation for Patriotic Millionaires, includes responses from more than 2,300 people in G20 countries with more than $1 million in investable assets, excluding their homes.
In particular, 58% support the introduction of a 2% wealth tax for those with more than $10 million, and 54% perceive extreme wealth as a threat to democracy. This growing sentiment among the wealthy underscores a global desire to address economic disparities.
Guy Singh-Watson, founder of vegetable box delivery company Riverford, expressed frustration at the lack of leadership when it comes to taxing the super-rich. The survey indicates that even among the wealthiest, there is an apparent consensus in favor of such measures, highlighting the urgency for elected representatives to act.
Last year, the Trades Union Congress (TUC) suggested the potential impact of a “modest” 1.7% wealth tax in the UK on the richest 140,000 people, raising more than £10bn.
