Coalition of millionaires calls for higher taxes on the rich to help fund Covid-19 recovery efforts

Scores of ultra-wealthy individuals say hiking taxes on the rich is 'the right choice' as governments grapple with the financial fallout unleashed by the Covid-19 crisis
There are in excess 500,000 people in the world with fortunes of more than $30m
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David Child13 July 2020

A coalition of some of the planet's wealthiest people has urged governments around the world to permanently increase taxes on the rich to help pay for the financial fallout triggered by the coronavirus pandemic.

The group - named Millionaires for Humanity - is made up of more than 80 ultra-wealthy individuals including Ben and Jerry’s ice cream co-founder Jerry Greenfield and Disney heir Abigail Disney.

In an open letter shared on Monday, it petitioned governments to "raise taxes on people like us. Immediately. Substantially. Permanently”.

"As Covid-19 strikes the world, millionaires like us have a critical role to play in healing our world," the coalition's letter said.

"No, we are not the ones caring for the sick in intensive care wards. We are not driving the ambulances that will bring the ill to hospitals. We are not restocking grocery store shelves or delivering food door to door.

"But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis."

The group also cautioned that the economic turmoil unleashed by the Covid-19 crisis will “last for decades” and could “push half a billion more people into poverty”.

"Hundreds of millions of people will lose their jobs as businesses close, some permanently," the letter said.

"Already, there are nearly a billion children out of school, many with no access to the resources they need to continue their learning.

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"And of course the absence of hospital beds, protective masks, and ventilators is a painful, daily reminder of the inadequate investment made in public health systems across the world."

The letter was released ahead of a meeting of G20 finance ministers and a summit of EU leaders scheduled for later this week. It was organised by Patriotic Millionaires, Oxfam, Human Act, Tax Justice UK, Club of Rome, Resource Justice, and Bridging Ventures.

Among its scores of other signatories were UK filmmaker Richard Curtis, New Zealand businessman Sir Stephen Tindall, Irish venture capitalist John O’Farrell and Danish-Iranian entrepreneur Djaffar Shalchi.

“The problems caused by, and revealed by, Covid-19 can’t be solved with charity, no matter how generous," the letter warned.

"Government leaders must take the responsibility for raising the funds we need and spending them fairly.

Ben and Jerry’s ice cream co-founder Jerry Greenfield, right, is among those who have signed the letter (Ben & Jerry's)
Ben & Jerry's

"We can ensure we adequately fund our health systems, schools, and security through a permanent tax increase on the wealthiest people on the planet, people like us."

Referencing its signatories' own wealth, the letter added: "Unlike tens of millions of people around the world, we do not have to worry about losing our jobs, our homes, or our ability to support our families.

"We are not fighting on the frontlines of this emergency and we are much less likely to be its victims," it said.

"So please. Tax us. Tax us. Tax us. It is the right choice. It is the only choice."

In the UK, the Labour Party has called on the Government to consider imposing a wealth tax on the rich in order t to help aid the economic recovery from the coronavirus pandemic.

Labour leader Sir Keir Starmer this month said the party supported "the principle that those with the broadest shoulders should bear the greatest burden".

According to figures released by the Treasury last week, fiscal support worth almost £160bn has been announced by the Government since March to deal with the coronavirus crisis.

It includes employment support worth £69 billion, business support worth £30 billion and some £50 billion for public service spending, funding for charities and support for vulnerable people.

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