Selfless gesture: world’s super rich calling for higher taxation

SOME of the richest people on the planet want higher taxes on themselves and their peers to aid economic recovery from the Covid-19 crisis.

Sir Stephen Tindall - Source
Sir Stephen Tindall. Source

A group of 83 super rich people made the appeal in a letter released ahead of the meeting of G20 finance ministers and central bank governors. They say politicians should address global inequality “and acknowledge that tax increases on the wealthy and greater international tax transparency are essential for a viable long-term solution”.

The group includes Ben and Jerry’s co-founder Jerry Greenfield, Sir Stephen Tindall, founder of the Warehouse Group, British screenwriter and director Richard Curtis, Irish venture capitalist John O’Farrell and Disney heir Abigail Disney. In their letter, they call on governments to “raise taxes on people like us. Immediately. Substantially. Permanently”.

“As Covid-19 strikes the world, millionaires like us have a critical role to play in healing our world,” reads the open letter. “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.

“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.”

The economic impact of coronavirus crisis could last for decades, the letter’s authors say, and force “half a billion more people into poverty”.

“We owe a huge debt to the people working on the frontlines of this global battle,” the letter continues. “Most essential workers are grossly underpaid for the burden they carry.”