1 year ago
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Over 200 millionaires are urging the elite echelons successful attendance astatine this week's World Economic Forum successful Davos to "tackle utmost wealth" and "tax the ultra-rich" to assistance relieve the cost-of-living strain disconnected mean households.
The Patriotic Millionaires — self-described arsenic "a radical of high-net worthy Americans who stock a profound interest astir the destabilizing level of inequality successful America" — called for akin measures successful their campaign past year.
"Tax the ultra affluent and bash it now," the radical asks successful a new "Cost of Extreme Wealth" unfastened letter connected Wednesday, besides endorsed by PMUK, Tax Me Now and Millionaires for Humanity. "It's simple, common-sense economics. It is an concern successful our communal bully and a amended aboriginal that we each deserve, and arsenic millionaires we privation to marque that investment," it said.
The connection warns of an "age of extremes" marked by rising poverty, wealthiness inequality, anti-democratic nationalism, depressed ecological conditions and dwindling opportunities for mean workers to marque a surviving wage.
The missive questions the ngo of the World Economic Forum successful lack of factual measures:
"The existent deficiency of enactment is gravely concerning. A gathering of the 'global elite' successful Davos to sermon 'Cooperation successful a Fragmented World' is pointless if you aren't challenging the basal origin of division. Defending ideology and gathering practice requires enactment to physique fairer economies close present - it is not a occupation that tin beryllium near for our children to fix."
The run numbers 206 signatories from 12 countries, including Abigail Disney, an heiress to the multimedia amusement empire, and histrion Mark Ruffalo.
"Extreme wealthiness is eating our satellite alive. It is undermining our democracies, destabilizing our economies, and destroying our climate," Disney said. "But for each their speech astir solving the world's problems, the attendees of Davos garbage to sermon the lone happening that tin marque a existent interaction — taxing the rich."
She criticized, "I've been to Davos. I've sat successful the aforesaid country with immoderate of the richest and astir almighty radical successful the satellite arsenic they speech astir however they tin marque a difference, truthful I tin accidental this with firsthand acquisition – Davos is simply a farce. Until Davos attendees commencement talking astir taxing the rich, the full gathering volition stay a precise nationalist illustration of however retired of interaction they truly are."
CNBC has reached retired to the Davos World Economic Forum for comment.
A survey produced by the Patriotic Millionaires finds that a progressive yearly wealthiness taxation — modeled astatine 2% connected individuals worthy $5 million, 3% connected those with a nett $50 million, and 5% connected the ultra-rich with much than $1 cardinal — could person raised successful excess of $1.7 trillion successful 2022.
The world's richest 1% person accrued astir two-thirds of each caller planetary wealthiness implicit the past 2 years, amassing $26 trillion retired of $42 trillion created successful that period, Oxfam recovered successful a caller report.
Households astir the satellite person been struggling to support gait with surging costs successful aftermath of the Covid-19 pandemic, tightening monetary policies and substance terms hikes stoked by sanctions against Russian vigor supplies. Just 1 person of the Group of Seven planetary economical — German Chancellor Olaf Scholz — was acceptable to be the Davos proceedings this week, arsenic respective of his counterparts conflict the cost-of-living crisis.
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