Super-Rich Want to Be Taxed for COVID-19 Recovery
Some of the wealthiest people on earth have signed an open letter asking their governments to raise taxes on the super-rich. The driving force behind this letter is a desire to help fund COVID-19 recovery. (1)
The group of 83 includes Abigail Disney and her brother Ben, the heirs to the Disney fortune, as well as Ben and Jerry’s co-founder Jerry Greenfield. Richard Curtis, the British screenwriter and director, is also part of the group. (1, 2)
They posted their letter on the website millionairesforhumanity.com. They make the aim of the letter clear with the statement, “Today, we, the undersigned millionaires, ask our governments to raise taxes on people like us. Immediately. Substantially. Permanently.” (1)
To be considered “ultra-wealthy”, a person must have a fortune of more than $30 million. There are 500,000 individuals worldwide with this status. That’s more than the populations of Belize, Iceland, or Malta. (2)
The 83 super-wealthy people who signed the letter are all from North America, Europe, or New Zealand. They believe that their wealth gives them an important part to play in COVID-19 recovery. They wrote, “As Covid-19 strikes the world, millionaires like us have a critical role to play in healing our world. No, we are not the ones caring for the sick in intensive care wards. We are not driving the ambulances that will bring the ill to hospitals. We are not restocking grocery store shelves or delivering food door to door.” (1)
The letter continues, “But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis.” (1)
Funds for Inadequate Systems
Referring to data from the UN, the millionaires warn that the COVID-19 crisis could push half a billion more people into poverty. They also refer to the systemic inadequacies that have been revealed by COVID-19, including the lack of resources in the healthcare system and in education. (1, 3)
While the millionaires are willing to fund COVID-19 recovery, they realize that the responsibility of equitably allocating funds still lies with governments. They write, “The problems caused by, and revealed by, Covid-19 can’t be solved with charity, no matter how generous. Government leaders must take the responsibility for raising the funds we need and spending them fairly.” (1)
And they don’t want the tax increase to be a one-time thing. In fact, the group of millionaires is asking for it to become permanent. “We can ensure we adequately fund our health systems, schools, and security through a permanent tax increase on the wealthiest people on the planet, people like us.” (1)
Global Interconnectedness
While the millionaires acknowledge that they are some of the least likely to fall victim to COVID-19, they profess that what affects one affects all. “Our interconnectedness has never been more clear,” they write. “We must rebalance our world before it is too late. There will not be another chance to get this right.” (1)
The millionaires finish their letter with this plea, “So please. Tax us. Tax us. Tax us. It is the right choice. It is the only choice. Humanity is more important than our money.” (1)
