UHNWIs Petition Governments to Raise Their Taxes
83 of the world’s richest individuals have urged national governments to permanently increase taxes on the super-rich to lessen the impact of the COVID-19 pandemic.
A group referring to themselves as “Millionaires for Humanity”, wrote an open letter to world governments on Monday, in which they called for taxes on the super-rich to be increased “Immediately. Substantially. Permanently.”
Millionaires for Humanity cites the impact of the long-lasting economic impact of the COVID-19 pandemic and its potential to “push half a billion more people into poverty.” The group’s letter contends that charity from the ultra-wealthy cannot be relied upon as a solution to the damage caused by the virus, arguing that a permanent tax increase on the highest earners is the only viable way to fund healthcare systems, education and security worldwide.
The letter has thus far been signed by 83 millionaires. The signatories include Disney heir Abigail Disney, Ben & Jerry’s ice cream co-founder Jerry Greenfield, and Sir Stephen Tindall – New Zealand’s second-richest man, co-founder of the Warehouse Group and owner of a $427 million personal fortune.
Calls for increased taxation have risen from many corners in response to the ongoing coronavirus pandemic, with the UK’s Institute of Fiscal Studies think-tank claiming that tax increases across many wealth brackets are inevitable, and Spanish Prime Minister Pedro Sanchez having indicated earlier this month that Spain will also introduce higher taxes.
The release of Millionaires for Humanity’s letter comes before the G20 meeting of finance ministers and central bank governors, which is set to commence this weekend.
“So please. Tax us. Tax us. Tax us. It is the right choice. It is the only choice,” the letter concludes. “Humanity is more important than our money.”