Millionaires and Billionaires pen Open Letter to Governments: Tax us More to Address Inequality
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A group of over 260 millionaires and billionaires called "Proud to Pay More" wrote an open letter demanding higher taxes on the super-rich to address rising inequality.
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Signatories include wealthy heirs like Valerie Rockefeller, Abigail Disney, and Marlene Engelhorn who wants to redistribute $27 million of her inherited fortune.
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The super-rich have captured most global wealth gains, with the top 1% getting 38% of new wealth since 1995 while the bottom 50% got just 2%.
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There's political resistance to taxing the wealthy more, but some countries have proposed measures like a minimum global wealth tax.
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Experts doubt major change is likely soon given the political shift to the right in Europe and business-friendly stances of conservative parties.