“As a millionaire I know personally that our economy enshrines wealth for the few—to the detriment of ordinary people in our country,” Morris Pearl, Chair of Patriotic Millionaires and former managing director at BlackRock, Inc., said. “We all deserve more than a pre-COVID path to recovery.”
According to the Institute for Policy Studies (IPS), a wealth tax would raise $4.14 trillion over the next decade. The U.S., which makes up one-third of the global billionaire wealth, would have raise more than $17 billion is a wealth tax was applied to Bezos, Bloomberg, Buffet, Musk, and Zuckerberg alone.
“The billionaire pandemic windfalls should be taxed to cover the cost of vaccinating the world and reducing inequality throughout the global economy,” Chuck Collins, researcher for the Program on Inequality at IPS, said. “Unless we tax the world’s billionaires, the legacy of the pandemic will be accelerated concentrations of wealth and power.”
The Patriotic Millionaires are calling on global leaders to “focus efforts on taxing wealth as a central pillar in national and global policy making,” according to a press release. “We need to foster a recovery beyond regressing to the same-old, same-old. We need to tax the rich,” Pearl said.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction