In an open letter, nearly 300 people are now demanding that taxes be raised for the wealthy worldwide. These include millionaires and politicians. The G-20 should act, they say – at their summit in India’s capital New Delhi this weekend.
Extreme wealth must be prevented, according to the open letter, which the British ‘Guardian’, among others, reported on Tuesday. If wealthy individuals’ assets were taxed more heavily, the “dangerous magnitude of inequality” could be reduced. The total wealth of people who own more than 50 million dollars (about 46 million euros) has now more than doubled. In addition, only four cents of every dollar of tax revenue would come from property taxes.
“Many political proposals”
“A lot of work has already been done. There is a wealth of wealth tax policy proposals coming from some of the world’s leading economists. In addition, tax competition and avoidance must be stopped. The minimum level of taxation for multinational companies can serve as a model. The industrialized countries of the G-20 are already cooperating here.
The signatories of the open letter consider international cooperation to be important, especially because of the lack of political support in their country. In Britain, for example, a major political party has the drive or decency to further this task, Julia Davies, a member of Britain’s Patriotic Millionaires UK, told The Guardian newspaper.
Bernie Sanders signed
Other signatories believe that the public supports their demands. A fair tax on the wealthy could be used to control the cost of living and fight climate crises. The open letter is endorsed by Disney heiress Abigail Disney, US Senator Bernie Sanders, British screenwriter Richard Curtis and several well-known economists, among others. Several organizations jointly published the text.
The G-20 consists of the EU, Argentina, Australia, Brazil, China, Germany, France, Great Britain, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States. Because they disagree on vital issues, observers expect few results from the summit this weekend. The US government has so far announced its intention to proceed with the reforms of the World Bank and International Monetary Fund (IMF) in India.
US President Joe Biden wants to propose “meaningful debt relief” for low- and middle-income countries and credit options “at a high level without coercion.” The United Nations recently warned of a debt crisis for poorer countries.
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.
