Open letter: millionaires demand wealth tax for more justice

An international association of millionaires published an open letter.

They want to pay more taxes and thus make the world a fairer place.

Munich - General human love can achieve a lot.

But it alone is not enough to generate social change.

The “Millionaires for Humanity”, an international network of multimillionaires around the world, know that too.

So they are now demanding more than charity and donations, they are demanding taxes.

More precisely, a higher taxation of millions and billions of dollars.

This is the only way to enable more opportunities, participation and future investments for everyone, according to the open letter published on Monday (June 14).

“Millionaires for Humanity want to tax themselves more

In addition to the reintroduction of the wealth tax for the very rich, the network also advocates further tax reforms in favor of the general population, as well as tightening the laws against tax evasion: "We are convinced that more tax justice is the future-oriented path to a society that adheres to the values ​​of the common good , Equal opportunities and cohesion oriented. Those who own a lot can make a greater contribution to tackling the great challenges of our time. ”According to estimates, one percent of the German population owns 35 percent of the total wealth. According to this, 40 percent have no reserves.

At the beginning of the letter, particular attention is drawn to the dangers of the Corona crisis for the poor in the areas of health and education.

The aid organization Oxfam, which supports these demands, estimates that as a result of the pandemic, half a billion people are at risk of falling into poverty.

The signatories of the open letter include the German start-up investor Mariana Bozesan, the British filmmaker Richard Curtis and the American Jerry Greenfield, co-founder of the ice cream brand Ben and Jerry's.

OECD: Inheritance and capital gains taxes are more effective than wealth taxes for redistribution

As the Austrian daily

reports, only four of the 38 member states of the Organization for Economic Cooperation and Development (OECD) now have a wealth tax - thirty years ago it was every third country. Accordingly, the abolition in many countries has to do with the additional bureaucratic effort. It takes time to calculate the total annual wealth of individuals. According to an evaluation by the OECD from 2018, wealth taxation did not lead to the hoped-for redistribution - but taxes on high inheritance and investment income did. With regard to these taxes, too, the signatories called for reforms “to promote effective wealth accumulation for all”.