More Billionaires Sign Open Letter Advocating Higher Taxes For The Rich

More than 100 billionaires and millionaires of the world have signed an open letter, appealing that they desire to start paying more taxes, going forward.

Convening at a virtual World Economic Forum in Davos, Switzerland,   The group, which called themselves “Patriotic Millionaires,” released the open letter recently, advocating more taxes to be levied on the rich.

The signatories who reported came from nine countries stated: “This injustice baked into the foundation of the international tax system has created a colossal lack of trust between the people of the world and the elites who are the architects of this system.”

“To put it simply, restoring trust requires taxing the rich. The world—every country in it—must demand the rich pay their fair share. Tax us, the rich, and tax us now,” the letter explained.

Citing the unfairness of the current tax system and rising income inequality as the real reason for the unusual appeal, the letter offered a grave ultimatum if the rich should continue to hoard wealth, preaching, they will eventually be the victims of violence.

According to the Chair, Patriotic Millionaires and Former Managing Director, Blackrock, Morris Pearl, there is “no defending a system that endlessly inflates the wealth of the world’s richest people while condemning billions to easily preventable poverty,” said Patriotic Millionaires Chair Morris Pearl. We need deep, systemic change, and that starts with taxing rich people like me.”

Signed by American film producer and heiress Abigail Disney and U.S. entrepreneur and venture capitalist Nick Hanauer, among scores of other Americans, the letter stated: “Show the people of the world that you deserve their trust.”

“If you don’t, then all the private talks won’t change what’s coming—it’s taxes or pitchforks. Let’s listen to history and choose wisely,” it read.

Globally, the COVID19 pandemic has ravaged the world especially the poorest, resulting in severe income losses. Reportedly, the average incomes of the bottom 40% of people worldwide in 2021 are 6.7% lower than pre-pandemic projections. Meanwhile, the exponential rise in billionaires’ wealth this year means 10 of the richest men in the world have doubled their net worths. Each is now valued at more than $100 billion. Elon Musk, for example, increased his wealth by 1,000% to $270 billion since March 2020, according to a recent Oxfam report.

Back home here in Nigeria, Nigerian billionaire industrialist, Abdul Samad Rabiu started the New Year stronger. The CEO and Chairman of BUA Group added nearly $1.9 billion to his net worth. This hoisted his fortunes to $7.2 billion, skyrocketing him to the position of the second-richest man in Nigeria just before, Aliko Dangote.