Millionaires are demanding to be taxed more

Over 80 of the world’s richest people have published an open letter demanding tax increases for millionaires to fund the world’s coronavirus recovery.

An open letter calling for an increase in taxes for the super-rich was published this weekend and was signed by 83 millionaires, including Ben and Jerry’s co-founder Jerry Greenfield and Disney heir Abigail Disney.

Titled ‘Millionaires for Humanity’, the letter details the long-term economic damage that coronavirus will have on millions of people around the world, including job losses, evictions, and increased poverty.

‘The impact of this crisis will last for decades’ the letter reads. ‘It 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 people like us’. You can read the letter in full here.

The coronavirus recovery is anticipated to be intense and expensive. Governments have made clear that the financial burden will be felt by most of us, not just the elite. The Institute of Fiscal Studies in the UK has already warned the country that it should expect to pay more tax in the coming years to help pay off damages, and the EU is likely to head into its biggest recession since the 1930s.

Open letters like this one are a welcome change of pace from the usual news we often hear from big corporations and billionaires. The elite typically have a habit of avoiding tax and skimping on government payments, and we should be keeping an eye on them over the coming years to ensure they’re helping out as much as necessary.

Ordinary citizens and front-line workers who’ve helped to keep countries running shouldn’t also have to face the full force of financial loss when businessmen such as Jeff Bezos continue to rake in billions of dollars – even during this recent lockdown period.

‘Millionaires for Humanity’ is an encouraging start, and hopefully we see more action like this in the next few months. The more wealthy people who call for tax changes that benefit everybody, the better. Here’s hoping we see some new legislation soon, and somebody tell Jeff to start dishing out some of that cash.

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