Group of Millionaires Asks Governments to Raise Taxes for Them to Ensure Coronavirus Recovery

UTC by Steve Muchoki · 3 min read
Group of Millionaires Asks Governments to Raise Taxes for Them to Ensure Coronavirus Recovery
Photo: QuoteInspector

In a letter dubbed ‘Millionaires for Humanity’, a group of global millionaires asked governments to raise taxes for people like them to deal with the COVID-19 impact.

As the global economy struggles due to the ongoing coronavirus crisis, people of all kinds are coming together to find global solutions that could help restore the old norm. Among those who want to fast-track the coronavirus recovery is a group of global millionaires who signed a letter dubbed ‘Millionaires for Humanity’.

According to the letter, the group is asking governments to raise taxes for them in order to cater for the increased pressure on the economy. “Today, we, the undersigned millionaires, ask our governments to raise taxes on people like us. Immediately. Substantially. Permanently,” the letter reads.

The group argued that they are ready to help as they are less likely to be the victims of circumstances if things go the unexpected route. “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,” the document explains.

As a result, they explained in the letter that the government has no choice other than raising taxes for such people to keep the economy running. More to it, they clearly indicated that humanity is of much importance to them than their money. “So please. Tax us. Tax us. Tax us. It is the right choice. It is the only choice. Humanity is more important than our money,” the group stated.

The group of the people who signed the letter includes: Bahaaddin Ahrari (FI), Ural Allaiarov (RU), Beatriz Altamirano (ES), Peter Ancher (NL), Preda Angela (DE), Frank Arthur (US), Adil Baig (UAE), John Baikanu (AT), Jacobus Bakker (NL), Damien Barrault (FR), Gregory Belica (RU), Richard Boberg (US), Dr. Mariana Bozesan (DE), Rainier Brunet-Guilly (FR), Bob Burnett (US), Edgar Cabrera (MX), Kevin Carew (UK), Ronald Carter (US), Pablo Casoplon (ES), Duncan Clark (UK), Barbara Clayton (CA), and many more.

Way to Economic Coronavirus Recovery

This letter might spark a conversation on tax imbalance that is a state in most countries around the world, whereby the lower-income earners tend to bear the most burden while the ultra-rich maneuver easily their way out by cheating the system.

If permanently and perfectly implemented in a few countries, high chances more countries will follow the same route and in turn have a much fair tax system.

With the ongoing job loss, increased poverty globally due to the COVID-19 impact, such an idea might go a long way in saving a collapsing economy.

Business News, News, Personal Finance
Steve Muchoki
Author Steve Muchoki

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