British millionaire Phil White is desperate to pay more tax: so he traveled to the World Economic Forum (WEF) in Davos, Switzerland, to urge governments around the world to introduce taxes on the rich and super-rich.
Wealth must be reduced “to reduce inequality and create a more equitable society,” says White, who made his fortune from a consulting firm. “Tax me and tax people like me,” says the Briton. He is one of about 100 super-rich who advocate a wealth tax for the world’s richest.
“Governments should levy wealth tax”
“My name is Phil White and I came to Davos from London for this event. I am a member of Patriotic Millionaires UK, a group of wealthy people who believe we should reduce wealth and governments should raise wealth taxes to reduce inequality and create a fairer society,” he told AFP-Interview (see video above).
During the corona pandemic, you saw that many people with a low income really struggled to make ends meet. At the same time, millionaires were doing very well, White explains. “We saw a greater dichotomy in society between the rich getting richer and the poor getting poorer.”
“We (the members of ‘Patriotic Millionaires UK’ ed.) rely on an annual wealth tax, and that’s because extreme wealth actually causes a number of problems,” says White. It’s an economic problem when the wealthy take and keep money from society, even if that money can be used for other things, the millionaire said.
Extreme wealth fuels divisions in society
There are social and democratic problems that go hand in hand with extreme wealth and division in society. And the only way to avoid that is to reduce wealth and extreme wealth over time, argues White, who is among a group of more than 100 millionaires from nine countries who advocate a wealth tax on the wealthiest.
“Tax us, the rich, now” has long been a demand of groups like the Patriotic Millionaires, Millionaires for Humanity, and Tax Me Now, including Austrian millionaire heiress Marlene Engelhorn (pictured below).
Oxfam: The super-rich are winners of crises
As development organization Oxfam reported on Monday, billionaires have become even richer due to the sharp increase in food and energy prices over the past year. The bottom line is that corporations and the super-rich are the winners of the coronavirus pandemic and energy crisis, Oxfam noted. The total wealth of all billionaires has increased every day since 2020 by an average of 2.7 billion dollars (almost 2.5 billion euros).
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
