ZURICH - A group of more than 100 billionaires and millionaires has issued a plea to political and business leaders convening virtually for the World Economic Forum: Make us pay more tax.
"As millionaires, we know that the current tax system is not fair. Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes," the signatories said in an open letter, published on the occasion of the World Economic Forum's"virtual Davos", which began on Jan 17.
Over the course of the two years of the pandemic, the fortunes of the world's 10 richest individuals have risen to US$1.5 trillion - or by US$15,000 a second - a study by Oxfam this week showed.In the letter, the signatories including Disney heiress Abigail Disney and venture capitalist Nick Hanauer told Davos participants convening for a week of online power-brokering and talks:"You're not going to find the answer in a private forum... you're part of the problem.
In most countries outside a handful in Europe and some recent joiners in South America, the rich do not have to pay annual taxes on assets such as real estate, stocks or artwork, because they are taxed only when the asset is sold.
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