As America Hits Debt Ceiling, Millionaires Tell Davos Leaders: Raise Our Taxes

As America Hits Debt Ceiling, Millionaires Tell Davos Leaders: Raise Our Taxes

More than 200 millionaires, many of them Americans, have presented a manifesto at the World Economic Forum in Davos, Switzerland, to “tax the ultra-rich”, including themselves.

The call, issued in an open letter Wednesday titled “The Cost of Extreme Wealth,” comes just as the United States hits its $34.1 trillion debt limit.

The nonpartisan US Congressional Budget Office has linked massive tax cuts granted during the Trump administration, which mainly benefited the wealthy and corporations, to a $1 trillion deficit in 2020 alone. However , Republicans are now talking about cutting Social Security and Medicare to save money, not raising taxes on the rich.

“Tax the ultra-rich and do it now,” the letter to the Davos forum from the US and UK organizations Patriotic Millionaires, TaxMeNow and Millionaires for Humanity ordered.

Wealthy heiress Abigail Disney criticized Davos in a statement as a “sham” for failing to address the issue.

“Extreme wealth is eating our world alive. It is undermining our democracies, destabilizing our economies and destroying our climate,” he added. “But for all their talk about solving the world’s problems, Davos attendees refuse to discuss the only thing that can have a real impact: taxing the rich.”

Taxing the rich is “simple, common sense economics,” the letter said. “It is an investment in our common good and a better future that we all deserve, and as millionaires we want to make that investment.”

The “story of the past five decades is a story of upward flowing wealth,” the letter states. “In recent years, this trend has accelerated a lot. In the first two years of the pandemic, the world’s 10 richest men doubled their wealth while 99% of people saw their incomes fall.

Oxfam reported Monday that the world’s richest 1% have accumulated nearly two-thirds of all new global wealth created since 2020. An Oxfam representative mocked the Davos meeting in an interview with Voice of America as a “festival of wealth”.

The current “lack of action” by those in Davos is “gravely concerning,” the letter said.

“A meeting of the ‘global elite’ in Davos to discuss ‘Cooperation in a fragmented world’ is meaningless if the root of the division is not questioned,” he added.

There was no immediate response from the economic forum.

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