In a plot twist that even the most seasoned scriptwriters would envy, over 250 billionaires and millionaires have penned an open letter to Davos leaders, throwing shade and wealth at the economic debate. Their message? “Tax us.”
The Uber Wealthy’s Tax Plea
This isn't a Robin Hood tale, it’s a true story of the rich wanting to contribute. From oil heiress Valerie Rockefeller to Succession's Logan Roy (Brian Cox) and Abigail Disney, they're all in. But is this a genuine call for equality or a sly move in the high-stakes chess game of public opinion? Maybe. But in Disney’s case, she’s got form, saying in a 2019 interview, that she dismissed the allure of becoming a billionaire, deeming it "insane" and emphasizing the ease of making money if you begin with a substantial sum.
Over 250 Conspirators
As the world’s elite converge on Davos, over 250 billionaires and millionaires, often the epitome of economic opulence, have signed on to the open letter.
In the letter, they plead with world leaders to embrace a revolutionary concept: taxing the very upper echelons of society. It's a proposition that, if taken at face value, could reshape the narrative of wealth distribution and societal responsibility.
Patriotic Millionaires
Contrary to expectations, surveys indicate that a significant chunk of the super-rich supports the idea of taxing individuals with bulging billion-dollar pockets. A recent poll by advocacy group Patriotic Millionaires reveals a staggering 75% of the uber-wealthy backing a 2% wealth tax on their fellows. Moreover, 66% are ready to extend this tax to their own bank accounts if it ensures improved public services and economic stability. A surprising 54% agree that extreme wealth concentration poses a threat to democracy.
A Widening Gap
This unexpected call to action comes as the ultra-rich witness their wealth skyrocket. A report by UK-based charity Oxfam, endorsing the billionaires' letter, notes that the world’s wealthiest men have doubled their collective wealth since 2020. Oxfam even predicts the emergence of the world's first trillionaire within the next decade.
In the US, where the rich-poor divide continues to expand, a long-term analysis reveals a $21 trillion surge in the net worth of the top 1% over three decades, while the bottom 50% experienced a $900 billion drop. A proposed 2% tax on global billionaires, according to the EU Tax Observatory, could annually raise nearly $250 billion.
The open letter concludes with a philosophical choice: a future adorned with "tax pride" or a lingering "economic shame." As the curtain rises on this unexpected act, the world watches to see whether this billionaire bravado translates into tangible change or remains an elaborate performance on the global stage.
Who’d thought it. We just wonder where Jeff Bezos of Amazon and Elon Musk of Tesla, X, et cetera, stand on the issue… We’re not so sure they’ll have signed.
