Friday, May 20, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News

Unusual plea of super rich: Tax us

AFPbyAFP
January 20, 2022, 1:10 am
in News, World News
Reading Time: 3 mins read
A A
75
SHARES
Share on FacebookShare on TwitterShare on Email

More than 100 millionaires made an unusual plea on Wednesday: “Tax us now.”

Their appeal came as a study backed by wealthy individuals and nonprofits found that a wealth tax on the world’s richest people could raise $2.52 trillion per year—enough to pay for COVID vaccines for everyone and pull 2.3 billion people out of poverty.

In an open letter to the World Economic Forum’s online Davos meeting, 102 millionaires, including Disney heiress Abigail Disney, said the current tax system is unfair and “deliberately designed to make the rich richer.”

“The world – every country in it – must demand the rich pay their fair share,” the letter says. “Tax us, the rich, and tax us now.”

Their plea follows a report by global charity Oxfam this week which said that the world’s 10 wealthiest men doubled their fortunes to $1.5 trillion during the first two years of the pandemic while inequality and poverty soared.

ADVERTISEMENT

“As millionaires, we know that the current tax system is not fair,” says the letter circulated by groups including Patriotic Millionaires, Millionaires for Humanity, Tax me Now, and Oxfam.

“Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic – yet few if any of us can honestly say that we pay our fair share in taxes.”

The signatories include wealthy men and women from the United States, Canada, Germany, Britain, Denmark, Norway, Austria, the Netherlands and Iran.

The Patriotic Millionaires took part in the wealth tax study with a network of nonprofits and social movements, including Fight for Inequality Alliance, Oxfam and the US-based Institute for Policy Studies think tank.

In addition to funding vaccines worldwide and alleviating poverty, the tax would be enough to provide universal health care and social protection to 3.6 billion people in low- and middle-income countries, the group said.

The tax would be set at two percent for those worth over $5 million, three percent for over $50 million and five percent for over $1 billion.

The group said a steeper progressive tax, which includes a 10 percent levy on billionaires, would raise $3.62 trillion a year. The actual levels of taxation would be country specific.

Jenny Ricks, global convenor of the Fight Inequality Alliance, told AFP the group chose a lower progressive tax that was on the “realistic side.”

A plan to tax the wealth of some 700 American billionaires was floated by Democrats in the US Congress last year, but it was cut from President Joe Biden’s $1.75 trillion social spending and climate change programme.

Wednesday’s tax proposal was made as global government and business leaders take part in the virtual Davos meeting this week. The in-person gathering was postponed due to the spread of the Omicron variant.

“There is no defending a system that endlessly inflates the wealth of the world’s richest people while condemning billions to easily preventable poverty,” Patriotic Millionaires chairman Morris Pearl, a former BlackRock investment firm managing director, said in a statement.

“We need deep, systemic change, and that starts with taxing rich people like me,” Morris said.

Tags: COVID-19TaxvaccinesWorld Economic Forum
ADVERTISEMENT
AFP

AFP

Related Posts

Boeing’s Starliner encounters propulsion problems on way to ISS

byAFP
May 20, 2022, 12:00 pm
0
155
Boeing’s Starliner encounters propulsion problems on way to ISS

American aerospace giant Boeing's Starliner capsule was heading for the International Space Station Thursday, in a critical uncrewed test flight...

Read more

1955 Mercedes sells for €135 mn, world’s most expensive car: RM Sotheby’s

byAFP
May 20, 2022, 11:38 am
0
137
1955 Mercedes sells for €135 mn, world’s most expensive car: RM Sotheby’s

A 1955 Mercedes-Benz, one of only two such versions in existence, was auctioned off earlier this month for a whopping...

Read more

Japan’s Quad summit eyes unity on China, if not Ukraine

byAFP
May 20, 2022, 11:00 am
0
140
Japan’s Quad summit eyes unity on China, if not Ukraine

The leaders of Japan, India, Australia and the United States meet in Tokyo next week seeking common ground on countering China,...

Read more

US, Russia trade blame on food insecurity

byAFP
May 20, 2022, 10:24 am
0
142
US, Russia trade blame on food insecurity

The United States and Russia blamed each other Thursday for the worsening food situation around the world as the war...

Read more

Russia’s invasion of Ukraine sets off Latin American fertilizer race

byAFP
May 20, 2022, 10:00 am
0
140
Russia’s invasion of Ukraine sets off Latin American fertilizer race

The first rainy season downpour in Venezuela's western region of Portuguesa has fallen and now it's time to plant corn,...

Read more

Biden leaves for Asia under Ukraine, N.Korea nuclear shadows

byAFP
May 20, 2022, 9:55 am
0
143
Biden leaves for Asia under Ukraine, N.Korea nuclear shadows

President Joe Biden left Thursday for South Korea and Japan to cement US leadership in Asia at a time when...

Read more

Stories you may like

  • Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    35849 shares
    Share 14340 Tweet 8962
  • Of course, it was BBM’s project

    30249 shares
    Share 12100 Tweet 7562
  • INC endorses BBM, Sara

    28668 shares
    Share 11467 Tweet 7167
  • Duterte’s seven biggest achievements

    18264 shares
    Share 7306 Tweet 4566
  • Marcos leads SWS survey on presidentiables at 50%

    13538 shares
    Share 5415 Tweet 3385

Print Edition

View More

Recent Posts

  • Boeing’s Starliner encounters propulsion problems on way to ISS
  • 1955 Mercedes sells for €135 mn, world’s most expensive car: RM Sotheby’s
  • Japan’s Quad summit eyes unity on China, if not Ukraine
  • US, Russia trade blame on food insecurity
  • Russia’s invasion of Ukraine sets off Latin American fertilizer race
  • Biden leaves for Asia under Ukraine, N.Korea nuclear shadows
  • Still popular
  • Gilas PH bludgeons Vietnam for 4th straight win

Advertisement

Latest News

Biden leaves for Asia under Ukraine, N.Korea nuclear shadows

byAFP
May 20, 2022, 9:55 am
0
143
Biden leaves for Asia under Ukraine, N.Korea nuclear shadows

President Joe Biden left Thursday for South Korea and Japan to cement US leadership in Asia at a time when...

Read more

Still popular

byManila Standard
May 20, 2022, 3:17 am
0
181
House leader pays tribute to Justice Lazaro

President Rodrigo Roa Duterte interacts with people outside the World Trade Center in Pasay City after attending the Puregold Sari-Sari...

Read more

Gilas PH bludgeons Vietnam for 4th straight win

byManila Standard Sports
May 20, 2022, 2:27 am
0
212
Gilas PH bludgeons Vietnam for 4th straight win

By Randy Caluag Gilas Pilipinas started slow before blowing away Vietnam, 88-60, to remain unbeaten after four games  in 31st...

Read more

Sneakers for Makati : AB4.0

byManila Standard
May 20, 2022, 2:00 am
0
817
Sneakers for Makati : AB4.0

Read more

Food output recovery bleak

byOthel V. Camposand1 others
May 20, 2022, 1:10 am
0
232
Food output recovery bleak

PCAFI: No relief for next 8 years on low production, spiraling population Food production recovery for the Philippines was not...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App