An increasing number of billionaires are embracing the viewpoint advocated by Microsoft co-founder Bill Gates, who has called for increased taxation of the super-wealthy.
During Gates’ annual “Ask Me Anything” session on Reddit last year, he said ultra-wealthy individuals should pay more tax. He vigorously reaffirmed his position at a panel during the World Economic Forum in Davos this week.
The billionaire made a compelling case for the wealthiest nations to substantially augment their contributions to address global income inequality. He also emphasized the moral duty for individuals, nations, and corporations with substantial resources to be more generous.
“Those who have the most — whether it’s countries, companies, or individuals — should be pushed to be more generous,” he said at the event, according to Business Insider.
Over 250 wealthy individuals have signed an open letter petitioning global leaders to implement a wealth tax.
The letter straightforwardly declares, “Our request is simple: we ask you to tax us, the very richest in society.” It also says that taxing the super-wealthy won’t “deprive” their children or “fundamentally alter” their standard of living.
Among the signatories of the open letter were prominent figures such as Abigail Disney, a member of the Disney family dynasty; renowned actor Brian Cox; and Valerie Rockefeller from the Rockefeller family.
The letter emphasized the urgency of tackling economic inequality and warned of catastrophic consequences for society if elected representatives from the world’s leading economies do not take decisive measures.
“If elected representatives of the world’s leading economies do not take steps to address the dramatic rise of economic inequality, the consequences will continue to be catastrophic for society,” the letter read.
The open letter was accompanied by a comprehensive report as part of the “Proud To Pay More” initiative, jointly organized by Patriotic Millionaires, Patriotic Millionaires UK, TaxMeNow, Millionaires For Humanity and the charitable organization Oxfam.
Abigail Disney also attributed part of the responsibility for climate change to the top 1% of the world’s wealthiest individuals, citing their utilization of private jets, superyachts, fuel-intensive vehicles, helicopters and, for a select few, private space rockets.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.