News

Global super-rich call for wealthy to face coronavirus tax

July 13, 2020 03:14 PM


Twitter Share Facebook Share WhatsApp Share

More than 80 millionaires on Monday urged governments around the world to tax the super-wealthy much more to help fund the global recovery from the coronavirus outbreak.

In an open letter, the group, calling themselves "Millionaires for Humanity", said they should be taxed higher, "immediately, substantially, permanently".

Signatories, included Ben and Jerry's ice cream co-founder Jerry Greenfield, the screenwriter Richard Curtis and filmmaker Abigail Disney.

US entrepreneur Sidney Topol and New Zealand retailer Stephen Tindall also signed. "As COVID-19 strikes the world, millionaires like us have a critical role to play in healing our world," the letter read.

"No, we are not the ones caring for the sick in intensive care wards. We are not driving the ambulances that will bring the ill to hospitals. We are not restocking grocery store shelves or delivering food door to door. But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis."

The letter was published before the forthcoming meeting of G20 finance ministers. As countries scramble to respond to the economic impact of the global pandemic, some have already mooted introducing higher taxes.

In the UK, the Institute of Fiscal Studies think-tank has said higher taxes were inevitable for many, not just the super-wealthy. Earlier this month, Spanish Prime Minister Pedro Sanchez indicated his government could introduce higher taxes and Russia will also target higher earners.

Saudi Arabia has increased sales tax to offset the repercussions of the virus and a slump in oil prices. The "Millionaires for Humanity" letter was a collaboration between groups including Oxfam, Tax Justice UK and the Patriotic Millionaires of high-net worth US individuals.



Most Read

  1. Public Holiday announced in Lahore tomorrow Public Holiday announced in Lahore tomorrow
  2. Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground Nazish Jahangir to hit any marriage proposal from Babar Azam out of the ground
  3. Madiha Rizvi ties the knot again Madiha Rizvi ties the knot again
  4. Iranian First Lady visits Numl Iranian First Lady visits Numl
  5. ‘Rs150m corruption scandal’ involving Marriyum Aurangzeb surfaces ‘Rs150m corruption scandal’ involving Marriyum Aurangzeb surfaces
  6. Zara Noor Abbas inspired by Rani Mukerji Zara Noor Abbas inspired by Rani Mukerji

Opinion

  1. Islamabad becoming the hub of international diplomacy
    Islamabad becoming the hub of international diplomacy

    By Salim Bokhari

  2. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  3. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  4. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  5. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  6. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay