‘Tax us now’

More than 100 millionaires made an unusual plea yesterday: "Tax us now". 

Their appeal came as a study backed by wealthy individuals and nonprofits found that a wealth tax on the world's richest people could raise $2.52 trillion per year -- enough to pay for Covid vaccines for everyone and pull 2.3 billion people out of poverty.

In an open letter to the World Economic Forum's online Davos meeting, 102 millionaires, including Disney heiress Abigail Disney, said the current tax system is unfair and "deliberately designed to make the rich richer".

"The world -- every country in it -- must demand the rich pay their fair share," the letter says. "Tax us, the rich, and tax us now."

Their plea follows a report by global charity Oxfam this week which said that the world's 10 wealthiest men doubled their fortunes to $1.5 trillion during the first two years of the pandemic while inequality and poverty soared.

The signatories include wealthy men and women from the United States, Canada, Germany, Britain, Denmark, Norway, Austria, the Netherlands and Iran. The Patriotic Millionaires took part in a the wealth tax study with a network of non-profits and social movements, including Fight for Inequality Alliance, Oxfam and the US-based Institute for Policy Studies think tank.

In addition to funding vaccines worldwide and alleviating poverty, the tax would be enough to provide universal health care and social protection to 3.6 billion people in low- and middle-income countries, the group said.

The tax would be set at two percent for those worth over $5 million, three percent for over $50 million and five percent for over $1 billion.