"More than 250 billionaires and millionaires tell world leaders: 'Tax our extreme wealth'

[pixbix]

They want NOW to reduce the number of millionaires and billionaires by half b 2030, by very high taxation in order to create a "more fair world"

More than 250 billionaires and millionaires tell world leaders: 'Tax us'​

“Our request is simple: tax us, the very richest in society," they write in an open letter.

Among the letter’s signatories: Valerie Rockefeller, heir to the American oil and industry dynasty; actor Brian Cox, best known for playing billionaire businessman Logan Roy on HBO’s Succession; and filmmaker Abigail Disney, who’s long leaned on her last name to publicly campaign for wealth reform.

“I could be a billionaire if I wanted to be a billionaire, and I’m not because I don’t want to be a billionaire,” Disney told New York Magazine’s The Cut in 2019. “That’s an insane amount of money. But it’s the easiest thing in the world to make money if you start with money.”

A new poll released by advocacy group Patriotic Millionaires finds that 75% of the uber-wealthy support a 2% wealth tax on billionaires. Plenty are willing to apply that standard to their own bank accounts, too: 66% of respondents agreed that they would support higher taxes on themselves if the revenue would be used to provide better public services and a more stable economy. More than half (54%) agree that the concentration of extreme wealth is a threat to democracy.

https://www.fastcompany.com/91011703/davos-2024-millionaires-billionaires-demand-wealth-tax-abigail-disney-group

Survival Of The Richest: How Billionaires Are Amassing Eye-watering Wealth Amid Crisis | Oxfam International

www.oxfam.org

https://www.cnbc.com/2024/01/17/mega-rich-renew-call-on-global-leaders-at-davos-to-tax-our-extreme-wealth.html

they also want to tax the food companies, because they make "way to much more money" while the normal population struggle to survive

WEF: Oxfam urges windfall tax on food companies

Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, says anti-poverty group Oxfam.

www.swissinfo.ch

 

[void]

virtue signaling, propaganda

 

[pixbix]

Imposing a 2% tax on the world’s billionaires alone would raise almost $250 billion annually, according to a recent report by the EU Tax Observatory.

A 2% tax on the world's billionaires would raise $250 billion a year

That's half the extra public revenue that developing countries need to tackle climate change

qz.com

To combat these problems, Oxfam urged higher taxes on the rich, through a combination of measures including one-time “solidarity” taxes and raising minimum rates for the wealthiest. The group noted that billionaire Tesla CEO Elon Musk’s true tax rate from 2014 to 2018 was just over 3%.

WEF: Oxfam urges windfall tax on food companies

Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, says anti-poverty group Oxfam.

swissinfo.ch

 

[jafo]

raise almost $250 billion annually

For who? Who gets this money?

We ALL deserve to EAT what *WE* catch! Other people's catch belongs to them!
People MUST earn their money! Voting or proposing to ROB others because I am an unproductive loser is ONLY rewarding me to be an unproductive loser. It makes NO sense! It's NOT like the Universe is waiting to reward a bunch of undeserving people!

I'm NOT a billionaire...not even close, but I oppose robbing ANYONE...whether it's by calling it "taxes", food for the poor, clothing for the children, Make-a-Wish foundation, or whatever else others may label it etc etc.

What's next? Snipping off a piece of the guys with penises larger than 12 inches to make it a "more fair world"?

virtue signaling, propaganda

#Bingo!!!!! You are 100% correct!

In the US, there is a site Pay.gov - Home
On this site, you can pay, donate, or contribute money to each and every US government agency, including the IRS. I've known about this site since 1998. I used to doll out pamphlets with this site on them to countless virtue signallers who kept talking about an "increase in taxes". Years ago you could do it with an access code. So, I would know who gave with my access codes. I get nothing in return.

To this day, nobody ever did. I even sent this site to Omaha to Warren Buffett on numerous occasions (anonymously, of course...I don't want to be banned at the BRK Annual Shareholders' meetings . Neither he nor Charlie has EVER mentioned www.pay.gov NOT even once
And for those who know, I love those 2 guys (OK, one is now RIP), but this virtue signaling about paying more taxes by billionaires is ALL BS.

 

[void]

For who? Who gets this money?

it doesn't end with stealing via taxation - the worst thing is it's used for the worst purposes imaginable

 

[manukahoney]

The problem with this approach is that they will never stop.
When Soviets got the power in the Tzar Russia they first seized the assets of the wealthy, the gentry, the aristocracy. Then they went for the wealthy merchants, then successful farmers (google "Dekulakization") and they only stopped when no one owned anything worth taking.

History tends to repeat itself.

 

[wellington]

Simple, move.

 

[manukahoney]

Simple, move.

Not that simple. Many built their wealth on their network - either by hustling, climbing the corporate ladder or being a high-paid professional (lawyer or a doctor). None of those can be easily maintained when moved overseas. I mean the whole "attend the good school, go to the best uni etc" dogma is to build and exploit the network.
Even for entrepreneurs - not everyone is doing online biz, most folks actually run offline stuff and relocation is not an option (at least on the corporate level).

 

[Martin Everson]

Very simple issue to fix if these billionaires want to bring it on...lol. At Federal income tax level tax capital gains over $1m at 80% and any benefits in kind over $1m at 80% .

These guys are just laughing at the general public as they are able to eliminate taxes by using loopholes like stock backed loans to fund their lifestyle. Any such loan etc over $1m should be treated as a benefit in kind and taxed at 80%.

 

[wellington]

Not that simple. Many built their wealth on their network - either by hustling, climbing the corporate ladder or being a high-paid professional (lawyer or a doctor). None of those can be easily maintained when moved overseas. I mean the whole "attend the good school, go to the best uni etc" dogma is to build and exploit the network.
Even for entrepreneurs - not everyone is doing online biz, most folks actually run offline stuff and relocation is not an option (at least on the corporate level).

Horse s**t.

 

[JohnLocke]

It's easy to say you support higher taxes in theory, but I wonder how many would actually follow through if this tax was implemented. Talk is cheap, especially when it comes to the uber-wealthy parting with their money.

 

[void]

These guys are just laughing at the general public as they are able to eliminate taxes by using loopholes like stock backed loans to fund their lifestyle. Any such loan etc over $1m should be treated as a benefit in kind and taxed at 80%.

don't you dare to spread this anywhere... somebody could listen and take you seriously

 

[marioIT]

@Martin Everson something similar is going every now and then about inheritance taxes...
there's always some rich actor/celebrity/politician screaming about lowering exemptions or raising inheritance tax to 100%, so it would be a fairer world they say...
you would think they would lose a lot... their private jet, the mansion, supercars etc
But when you investigate their wealth you're going to find that's all shielded in "complex" structures that allow them to avoid completely the application of the inheritance tax laws.
They own nothing they just have the right to use the stuff... so if such a law would pass tomorrow, the peasants would get all their wealth seized as they've got it all in their names: their children would be starting zero, under a bridge, while rich kids got all of their parents plus interest.
They own nothing that can be taxed, get over it

 

[jafo]

@Martin Everson something similar is going every now and then about inheritance taxes...
there's always some rich actor/celebrity/politician screaming about lowering exemptions or raising inheritance tax to 100%, so it would be a fairer world they say...
you would think they would lose a lot... their private jet, the mansion, supercars etc
But when you investigate their wealth you're going to find that's all shielded in "complex" structures that allow them to avoid completely the application of the inheritance tax laws.
They own nothing they just have the right to use the stuff... so if such a law would pass tomorrow, the peasants would get all their wealth seized as they've got it all in their names: their children would be starting zero, under a bridge, while rich kids got all of their parents plus interest.
They own nothing that can be taxed, get over it

An old businessman and his lawyers in NYC taught me about *USUFRUCT* in the early '80s.

PS. When I first heard it, I had NO idea what it meant. I just wrote the term in my diary. It wasn't until the late '90s that I came to understand its meaning when visiting Panama and learning about bearer shares

 

[wellington]

Where i live i can freely gift each child, or wife 560,000USD a year, tax free (each).

And when i die the first 2.8mUSD is tax free and there after 5% tax.

Now the important thing.

If i leave my assets to them outside of the country (any form) they can liquidate them and bring them into said country over 2.8mUSD tax free and have their onshore under those values mentioned above tax free.

Like mentioned elsewhere ~ move, it's really that simple.

 

[void]

Like mentioned elsewhere ~ move, it's really that simple.

survivorship bias I'm afraid

 

[Tomy223]

Very simple issue to fix if these billionaires want to bring it on...lol. At Federal income tax level tax capital gains over $1m at 80% and any benefits in kind over $1m at 80% .

These guys are just laughing at the general public as they are able to eliminate taxes by using loopholes like stock backed loans to fund their lifestyle. Any such loan etc over $1m should be treated as a benefit in kind and taxed at 80%.

My one and only - Marx Everson

 

[ActionMan]

Very simple issue to fix if these billionaires want to bring it on...lol. At Federal income tax level tax capital gains over $1m at 80% and any benefits in kind over $1m at 80% .

These guys are just laughing at the general public as they are able to eliminate taxes by using loopholes like stock backed loans to fund their lifestyle. Any such loan etc over $1m should be treated as a benefit in kind and taxed at 80%.

Yes, a bunch of banks out there offer these stock/bonds backed loans with barely any fees, and sometimes, it's a total fee-free deal. When you throw in stuff like art, "charitable" work (like what the Gates Foundation does), and Asset Valuation Management, it all kind of keeps chugging along.

Nothing new, and this mainly hits business owners, but those billionaire do-gooders have the cash and resources to do things others can only dream of.

 

[jafo]

they only stopped when no one owned anything worth taking.

Goddamn! This statement hit me like a sack of bricks in my reticular activating system (RAS)!

The underlying GENIUS in that statement will be LOST on +99.9999% of the population!

Thank you very much @manukahoney . This is probably one of the best PSAs I've ever read. Definitely in the top 10!