The billionaires club in the US wrote a Davos letter demanding governments to increase tax rate levied upon them. The proposed plan will go in hand with making the globe a better living place for everyone. However, not every rich person is open to the signing of the deal. People with cumulative assets of $5 million or have an annual income of a million-dollar qualify for the tax increase. Nevertheless, most millionaires are yet to turn up agreeing to the club’s demand. The US has more than 600 billionaires. Out of the 600, only 121 people are registered for the membership showing how rich people are afraid of joining the tax plan.
People claim that the Davos letter addressed to worldwide billionaires and millionaire is an attention seeker idea. Also, some activists claim that the rich want the world to think and see that they are thinking of the less privileged, yet that is not the case. In a universe that harshly divided between the poor and the rich, $5 million assets might be a small value. The world is full of rich people who elected as state officials, business tycoons, and lawmakers. But to them, it might be easy to agree to the terms set out by Davos’ letter but still tricky to signing the contract.
According to the letter released in Davos, there is an increase in inequality between the rich and the poor. His words echoed the claims of Rutger Bregman at the last year Davos convection speaking of poverty and richness without talking of taxes is useless. Signatories claim that there is an extreme rise in inequality around the globe. If nothing is done to solve the crisis, the level of more junior class will rise by a considerable margin. However, the problem is far from being solved. In states such as the US, Great Britain, and Canada, donors give financial support to political parties for them to forget the tax havens and favor tax cuts.
The change of inequality is far from being possible unless there is the will to elect government officials willing to raise taxes. For instance, in the US, poor supporters of Trump and low, middle-class people voted against their medical insurance. The same happened in Canada, where people voted for a party that claimed to cancel basic income. Across the globe, the majority of the millionaire’s club and citizens are advocating for fair taxation, with the rich receiving higher tax rates than the poor.
Dil Bole Oberoi
