Saudi Arabia increased sales tax to offset impact of virus (representative)
London:
More than 80 millionaires on Monday urged governments around the world to tax the super-rich much more to help finance the global recovery from the coronavirus epidemic.
In an open letter, the group, calling themselves “Millionaires for Humanity”, said they should be taxed more “immediately, substantially and permanently”.
The signatories were the co-founder of Ben and Jerry’s ice cream Jerry Greenfield, screenwriter Richard Curtis and filmmaker Abigail Disney.
The American entrepreneur Sidney Topol and the New Zealand retailer Stephen Tindall also signed.
“As COVID-19 hits the world, millionaires like us have an essential role to play in healing our world,” the letter read.
“No, we are not the ones who care for the sick in the intensive care unit.
“We do not drive the ambulances that will bring the sick to the hospitals. We do not restock the shelves of grocery stores or deliver food from door to door.
“But we have money, a lot. Money that is desperately needed now and will continue to be needed in the years to come, as our world recovers from this crisis.”
The letter was released before the next meeting of the G20 finance ministers.
As countries scramble to respond to the economic impact of the global pandemic, some have already spoken of the introduction of higher taxes.
In the UK, the Institute of Fiscal Studies think tank said raising taxes was inevitable for many, not just the super-rich.
Earlier this month, Spanish Prime Minister Pedro Sanchez said his government may introduce higher taxes and that Russia will also target higher incomes.
Saudi Arabia raised the sales tax to offset the impact of the virus and the drop in oil prices.
The letter “Millionaires for Humanity” was a collaboration between groups including Oxfam, Tax Justice UK and the Patriotic Millionaires of wealthy American individuals.
(This story has not been edited by GalacticGaming staff and is automatically generated from a syndicated feed.)
