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posted by janrinok on Thursday January 20 2022, @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: 0) by Anonymous Coward on Friday January 21 2022, @01:43AM (1 child)

    by Anonymous Coward on Friday January 21 2022, @01:43AM (#1214422)

    A major moral problem with changing from an income tax to a property tax is that new wealth will end up being double taxed, first as the innovator earns it and second after those earnings are turned into property.

    The proposal is to drop income tax entirely. There is no tax as you earn it.

  • (Score: 0) by Anonymous Coward on Friday January 21 2022, @03:35PM

    by Anonymous Coward on Friday January 21 2022, @03:35PM (#1214507)

    Problem is, it's not just income tax. It's every other tax that touches the productive process, from stamp duties to eximport rates. It's sales taxes to B&O taxes.

    If you want to have a blanket tax, payroll or sales are likelier places to start because they will get pretty much anything major done with any substantial assets.