Over 250 billionaires and millionaires urge world leaders: Tax us
In an open letter, they state, "Our request is straightforward: tax us, the wealthiest members of society."
As world leaders convene in Davos to discuss economic matters over Swiss chocolates, the super-rich are delivering a message: Tax us.
Over 250 billionaires and millionaires have endorsed an open letter advocating for wealth taxes to fund public services globally.
“If elected representatives of the world’s leading economies do not address the significant rise in economic inequality, the consequences will remain catastrophic,” the letter states. “Our request is straightforward: we ask you to tax us, the wealthiest in society. This will not significantly affect our standard of living, harm our children, or impede our nations’ economic growth. Instead, it will transform extreme and unproductive private wealth into an investment for our collective democratic future.”
Among those who signed the letter are Valerie Rockefeller, heir to the American oil and industry fortune; actor Brian Cox, known for his role as billionaire businessman Logan Roy on HBO’s Succession; and filmmaker Abigail Disney, who has frequently used her last name to advocate for wealth reform.
“I could be a billionaire if I wanted to be, but I’m not because I don’t want to be,” Disney told New York Magazine’s The Cut in 2019. “That’s an insane amount of money. But it’s incredibly easy to make money if you start with money.”
Even the super-rich endorse wealth taxes
It’s unsurprising that the general public supports imposing wealth taxes on billionaires. However, surveys indicate that many among the super-rich also favor such taxes.
A recent poll conducted by the advocacy group Patriotic Millionaires reveals that 75% of the extremely wealthy endorse a 2% wealth tax on billionaires. Additionally, 66% of respondents expressed willingness to pay higher taxes themselves if the funds were used to enhance public services and stabilize the economy. Over half (54%) believe that extreme wealth concentration threatens democracy.
The survey included 2,385 individuals from G20 countries with over $1 million in investable assets, excluding their homes. Patriotic Millionaires, which is one of the organizations behind an open letter advocating for wealth taxes, released the findings.
This campaign gains traction as the ultra-rich see their wealth soar. A new report from the UK-based charity Oxfam, also supporting the letter, shows that the wealth of the world’s richest men has doubled since 2020. Oxfam predicts that the world’s first trillionaire could emerge within a decade.
