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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.
(Score: 2) by JoeMerchant on Tuesday January 25 2022, @03:35AM (1 child)
>mobilisation of capital was achieved by enabling structures
You mean the rich got pouty and wouldn't share their toys unless we guaranteed their toys would be replaced if they played too carelessly with them and broke them?
Too big to fail? Owners of the capital should actually be putting their capital at risk, not using it to stand up fake people to sign loans on high risk ventures then shrugging it off when the gamble fails and leaving everyone else collecting pennies on their dollars of debt, while they go dribble out a little more of their capital plus a ton of other people's money and do it again and again until maybe they get lucky and actually run at a profit for a while.
The investment banking model of "shoot for the stars, sure we'll miss over 95% of the time, but that one big hit makes it all worthwhile." Is utter crap. Those big hits aren't great companies with superior business models, they are just lucky jerkoffs who were in the right place at the right time. Like last year's top stock pickers, they were just lucky and sometimes not too stupid, but as often you have to try something stupid if you really want to win big. Koyaanisqatsi.
🌻🌻 [google.com]
(Score: 0) by Anonymous Coward on Wednesday January 26 2022, @01:31AM
No, no, that's not what I meant. I meant what I said, not your internal monologue.
But feel free to return to the theory that it's all billionaire hornswoggle. It's comfy in there. They have blocks and teletubbies for you.