National governments need to increase the taxes imposed on the wealthy, because it’s the only way to “rebalance” a world hit by Covid-19, say dozens of millionaires in an open letter.

More than 80 wealthy individuals have demanded that their government raise taxes on people like them, “Immediately. Substantially. Permanently,” as it’s the only reasonable way that the recovery required after the coronavirus pandemic can be funded.

The list of signatories to the letter, which was published on Monday, includes heirs to corporate wealth, such as Abigail and Timothy Disney; people who became rich through entrepreneurship, like Danish-Canadian economist Ross Jackson; and those who made their fortune in other ways, such as British filmmaker Richard Curtis.

They all agree that people who have “lots of money” like themselves should pay more into the public coffers than they do now and that the usual philanthropic approach is not the solution.

The problems caused by, and revealed by, Covid-19 can’t be solved with charity, no matter how generous.

“We can ensure we adequately fund our health systems, schools, and security through a permanent tax increase on the wealthiest people on the planet, people like us,” the letter said. “We must rebalance our world before it is too late. There will not be another chance to get this right.”

The plea was published online ahead of a meeting of G20 finance ministers and a summit of EU leaders later this week. “Tax us. Tax us. Tax us. It is the right choice. It is the only choice,” it said.


from Blogger