Millionaires and billionaires to Davos elites: 'We must be taxed more'
Survey results released Tuesday as corporate CEOs, top government officials, and other global elites gathered in Davos, Switzerland show that nearly three-quarters of millionaires in G20 countries support higher taxes on extreme wealth, which they view as an increasingly dire threat to democracy.
The poll was conducted by the London-based firm Survation on behalf of the Patriotic Millionaires, an advocacy group that campaigns for a more progressive tax system. The survey, which polled over 2,300 millionaires in G20 nations, found that 74% "support higher taxes on wealth to help address the cost-of-living crisis and improve public services."
More than 70% of the respondents said they believe wealth "helps buy political influence" and a majority see extreme concentrations of wealth at the very top as corrosive to democracy. According to an Oxfam analysis released earlier this week, the world's billionaires have gotten $3.3 trillion richer since 2020 as 5 billion people across the globe have lost ground, struggling to get by as wages fail to keep up with inflation.
Yet you have people in trailer homes that would sooner cut off their right arm than have a billionaire pay a cent more in taxes because "duh communism"."We, the very richest, are sick and tired of inaction, so it's hardly surprising that working people, at the sharp end of our rigged economies, have lost all patience," said Guy Singh-Watson, a British entrepreneur and member of Patriotic Millionaires U.K.