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Super-rich tax request - 13th June 2022
A small number of millionaires are making an unusual request to the World Economic Forum (WEF). These participants at the annual meeting in Davos, Switzerland, want governments to increase taxes for them and other super-rich individuals. They're hoping this will help governments manage the rising cost of living across the world.
The WEF is attended by the world's political and business elites. It's meeting in person for the first time since the pandemic. Its purpose is always to discuss issues of global importance.
Among them is UK millionaire Phil White. He's part of the group Patriotic Millionaires. They're working with other organisations and individuals from charities and social and political groupings.
White's critical of leaders consulting the super-rich about the failing economic system. He says, "those who have the most, know least about the economic impact of this crisis". He's hoping that Davos will encourage leaders "to tax the richest and tax us now."
He's one of a growing number of millionaires and billionaires who are keen for taxes on the super-rich to rise. There were only a small number present in Davos for the demonstration to demand fairer tax systems worldwide. However, the group also sent all WEF attendees an open letter which was signed by millionaires.
Around each Davos conference, aid charity Oxfam produces a report. It documents that the last two years has seen a new billionaire made every 30 hours. However, the same period has seen a million people enter extreme poverty every 33 hours.
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