Tech Companies Have Already Laid Off Thousands in 2024. What's the Layoff Outlook for the Rest of the Year?
Embattled Logistics Provider Flexport Nets $260 Million Investment From Shopify
How Long Before AI Starts Replacing Human Workers? Longer Than You Think, New Study Says
Fewer Economists Expect a Recession in the Next 12 Months
Dunkin' Donuts Facing Lawsuits Over Exploding Toilets and Lactose-Intolerant Customers
Venture Funding Hit a 6-Year Low in 2023. For Some Companies, That May Be a Good Thing
Google's AI Model, Gemini, Could Help Businesses Create Better Ads
The rich get richer--and as it turns out, a lot of rich people have a problem with that.
In an open letter, a group of billionaires and millionaires urged the politicians gathered in Switzerland for the World Economic Forum last week to pass a wealth tax. More than 260 people signed the petition, including heiress Abigail Disney, who has become one of the most vocal advocates for higher taxes on the wealthy, Valerie Rockefeller, great-great-granddaughter of John D. Rockefeller, actor Brian Cox, who played the Rupert Murdoch-esque media titan Logan Roy on the HBO show Succession, and British screenwriter and rom-com hitmaker Richard Curtis, who is behind movies such as Bridget Jones's Diary and Love Actually.
The group, which calls itself Proud To Pay More, says their message is simple. They are happy--even proud--to pay their fair share of taxes, so that their governments, which span the United States, Canada, the United Kingdom, and Germany, among others, can provide improved public services to their citizens. "Not only do we want to be taxed more but we believe we must be taxed more," the letter reads. "If elected representatives of the world's leading economies do not take steps to address the dramatic rise of economic inequality, the consequences will continue to be catastrophic."
This wealth tax push, which was organized by advocacy groups including the Patriotic Millionaires, Oxfam, Patriotic Millionaires UK, TaxMeNow, and Millionaires For Humanity, comes as more politicians are giving real credence to the idea. While critics have argued that such a policy would be unconstitutional in the U.S., that has not stopped state legislatures from moving forward. The New York Times reports that at least 10 states are considering wealth taxes this year. Vermont is leading that charge.
This week, state lawmakers in Montpelier are taking up two proposals that would levy an additional 3 percent tax on individual annual incomes over $500,000 and tax the capital gains of those with net worths above $10 million. Still, all of this interest has not yielded any legislative results, at least yet. Seven states, including California, Washington and New York, tried similar measures last year. All of them failed.
The open letter called on elected leaders to act unilaterally at both the national and international level, stressing that a wealth tax is not actually a radical idea. Instead, it is, "a return to normality based on a sober assessment of current economic conditions," the letter said. "We all know that 'trickle down economics' has not translated into reality. Instead it has given us stagnating wages, crumbling infrastructure, failing public services, and destabilized the very institution of democracy."
The Proud to Pay More group suggested that the increase in revenue from a wealth tax could be put towards government initiatives aimed at improving education, healthcare, infrastructure, as well as alleviating poverty, reducing the cost of living, and easing a green transition. These problems, they argued, cannot be fixed through the philanthropy of wealthy donors alone. And at the end of the day, they can afford it.
"This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations' economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future."
The Daily Digest for Entrepreneurs and Business Leaders
Privacy Policy
A Group of Billionaires Had an Unlikely Message for the World Leaders at Davos: Tax the Rich
4
11
25.01.2024
Tech Companies Have Already Laid Off Thousands in 2024. What's the Layoff Outlook for the Rest of the Year?
Embattled Logistics Provider Flexport Nets $260 Million Investment From Shopify
How Long Before AI Starts Replacing Human Workers? Longer Than You Think, New Study Says
Fewer Economists Expect a Recession in the Next 12 Months
Dunkin' Donuts Facing Lawsuits Over Exploding Toilets and Lactose-Intolerant Customers
Venture Funding Hit a 6-Year Low in 2023. For Some Companies, That May Be a Good Thing
Google's AI Model, Gemini, Could Help Businesses Create Better Ads
The rich get richer--and as it turns out, a lot of rich people have a problem with that.
In an open letter, a group of billionaires and millionaires urged the politicians gathered in Switzerland for the World Economic Forum last week to pass a wealth tax. More than 260 people signed the petition, including heiress Abigail Disney,........
© Inc.com
visit website
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Belen Fernandez
Andrew Mitrovica
Mort Laitner
Rami G Khouri
Ali Fathollah-Nejad
Nikkei Editorial
