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posted by janrinok on Thursday January 20, @09:29AM   Printer-friendly
from the yes,-you-read-that-right! dept.

Millionaires ask to pay more tax:

A group of more than 100 of the world's richest people have called on governments to make them pay more tax. The group, named the Patriotic Millionaires, said the ultra-wealthy were not being forced to pay their share towards the global economic recovery from the coronavirus pandemic.

"As millionaires, we know that the current tax system is not fair," they said in an open letter. The signatories included Disney heiress Abigail Disney and Nick Hanauer. Mr Hanauer is a US entrepreneur and an early investor in online retail giant Amazon.

"Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes," the signatories said in the letter to the World Economic Forum.

[...] It said globally, $2.52tn could lift 2.3 billion people out of poverty and make enough vaccines for the world.

Gemma McGough, British entrepreneur and founding member of Patriotic Millionaires, UK said: "For all our well-being - rich and poor alike - it's time we right the wrongs of an unequal world. It's time we tax the rich."

Ms McGough added: "At a time when simply living will cost the average household a further £1,200 a year, our government cannot expect to be trusted if it would rather tax working people than wealthy people.


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  • (Score: 5, Insightful) by DrkShadow on Thursday January 20, @10:11AM (5 children)

    by DrkShadow (1404) on Thursday January 20, @10:11AM (#1214114)

    were not being forced to pay their share towards the global economic recovery from the coronavirus pandemic.

    The tax system *could* be very fair! Just look at the taxed percentage in the upper tax tiers. These people could be paying 40% of their income. They're not. It's not because they're not taxed, but because they use piles and piles of loopholes, deductions, shell companies, and who-knows-what else to avoid it, created by lobbying legislatures (or just having rich legislative members who don't want to be taxed).

    They're not being *forced* to pay the taxes that they *could* otherwise pay just by not scheming and gaming the system. Sigh. It's double-speak. It feels like they have enough, now prevent anyone else from getting to where they are. (Yes, please do that last part, and also pull these clowns down from grace.)

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  • (Score: -1, Flamebait) by Anonymous Coward on Thursday January 20, @01:39PM (1 child)

    by Anonymous Coward on Thursday January 20, @01:39PM (#1214141)

    because they use piles and piles of loopholes

    You mean things like deducting the interest on a mortgage? That's a loophole too.

    But I'm sure you mean only the loopholes you personally aren't able to take advantage of.

    • (Score: 1, Interesting) by Anonymous Coward on Thursday January 20, @03:06PM

      by Anonymous Coward on Thursday January 20, @03:06PM (#1214168)

      You're right. Deducting $10k on your primary residence is the same as deducting expenses on your private jet and third house. And don't get me started about capping the deduction for state income taxes! Wasn't it Federalist 36 [yale.edu] where Hamilton endorsed the concept of double taxation? Wait, you mean it was the opposite? Just shut up and pay taxes on your taxes and stop trying to exploit loopholes in the system you greedy bastard! If you get to deduct the interest paid on the 2 bedroom rancher in which you live, I get to deduct what I pay on my $50M yacht. Totally the same, and you know those guys who set up the mortgage interest deduction back in 1913 would agree.

  • (Score: 5, Insightful) by mcgrew on Thursday January 20, @05:13PM (2 children)

    by mcgrew (701) <publish@mcgrewbooks.com> on Thursday January 20, @05:13PM (#1214224) Homepage Journal

    What idiot modded him troll? Zuckerberg or Musk has an account here?

    When I was a child in the '50s, the top US tax rate was 75%. Today it's 37%. And then, the CEO earned a salary 40 times what the lowest paid employee made, today he earns 400 times as much.

    There were no food stamps then; they weren't needed. The minimum wage was high enough that even a janitor's job afforded him a living. One paycheck was usually enough to raise a family.

    No more. Greed rules in the 21st century.

    --
    Free Martian whores! [mcgrewbooks.com]
    • (Score: 4, Touch√©) by maxwell demon on Thursday January 20, @05:42PM

      by maxwell demon (1608) on Thursday January 20, @05:42PM (#1214236) Journal

      Those greedy people are actually Marxists. They are greedy because they know that if they aren't, the revolution will never come. :-)

      --
      The Tao of math: The numbers you can count are not the real numbers.
    • (Score: 1, Insightful) by Anonymous Coward on Friday January 21, @10:22PM

      by Anonymous Coward on Friday January 21, @10:22PM (#1214650)

      In the 50s, much of the developed world was recently destroyed by WW2, and there was no real competition against American produced goods. They needed to buy our stuff, and we could make it. It was a one-off historical event America will not experience again.