Tell World Leaders at Davos: Tax Extreme Wealth
Right this minute in Davos, Switzerland, almost 116 billionaires from all over the world are gathering at the World Economic Forum’s Annual Meeting. This represents a 40% increase from a decade ago.1
The global billionaire class has more than doubled in the last ten years, and their wealth has skyrocketed at a similar rate - 99.62% to be exact. This is a gain of more than $5 trillion.2
The introduction of annual wealth taxes could serve as a key solution to addressing extreme wealth. According to a recent analysis, if a wealth tax was introduced globally, starting at 2% annually for those with more than $5 million, 3% for those with over $50 million, and rising to 5% annually for billionaires, the global revenue potential could be $1.7 trillion a year. Here in the US alone, a wealth tax on just those with over $50 million could raise over $350 billion a year.
A recently released poll of 135 economists from more than 40 countries says inequality is rising thanks in large part to regressive tax systems. If we want to secure a more secure and more prosperous future for everyone in the world, we have to start fighting inequality at its source, and taxing the rich.
Defending democracy and building cooperation requires action to build fairer economies right now -- it is not a problem that can be left for future generations to fix.
Add your name to demand world leaders tax extreme wealth now.