A group of ultrawealthy people are asking governments around the world to make them pay more in taxes in order to help close a growing wealth gap.
They argued the bedrock of a strong democracy is a fair tax system that bridges the gap between everyday people and the ultrawealthy. In order to fundamentally restore that trust, governments across the world need to impose higher taxes on the wealthy to ensure they "pay their fair share," they said.
"Bridging that divide is going to take more than billionaire vanity projects or piecemeal philanthropic gestures - it’s going to take a complete overhaul of a system that up until now has been deliberately designed to make the rich richer," they wrote, adding: "To put it simply, restoring trust requires taxing the rich. The world - every country in it - must demand the rich pay their fair share. Tax us, the rich, and tax us now.
But the group of millionaires said that Davos "doesn't deserve the world's trust right now," as it has produced "little tangible value" beyond a "torrent of self-congratulations."
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