DAVOS - THE COST OF EXTREME WEALTH

On 18 January 2023, during the Davos Economic Forum, 200 millionaires and billionaires from 13 different countries, transmitted, through OXFAM France, a letter to all present world leaders, in which they ask to tax the ultra rich.

Below is the text in extenso of this letter :

“

End the age of extreme wealth.Tax the ultra rich.

For the Attention of our Political Leaders attending Davos:

We are living in an age of extremes. Rising poverty and widening wealth inequality; the rise of anti-democratic nationalism; extreme weather and ecological decline; deep vulnerabilities in our shared social systems; and the shrinking opportunity for billions of ordinary people to earn a livable wage.

Extremes are unsustainable, often dangerous, and rarely tolerated for long. So why, in this age of multiple crises, do you continue to tolerate extreme wealth?

The history of the last five decades is a story of wealth flowing nowhere but upwards. In the last few years, this trend has greatly accelerated. In the first two years of the pandemic, the richest 10 men in the world doubled their wealth while 99 percent of people saw their incomes fall. Billionaires and millionaires have watched their wealth grow by trillions of dollars, while the cost of simply living is now crippling ordinary families across the world.

The solution is plain for all to see. You, our global representatives, have to tax us, the ultra rich, and you have to start now.

The current lack of action is gravely concerning. A meeting of the ‘global elite’ in Davos to discuss “Cooperation in a Fragmented World” is pointless if you aren’t challenging the root cause of division. Defending democracy and building cooperation requires action to build fairer economies right now - it is not a problem that can be left for our children to fix.

Now is the time to tackle extreme wealth; now is the time to tax the ultra rich.

There's only so much stress any society can take, only so many times mothers and fathers will watch their children go hungry while the ultra rich contemplate their growing wealth. The cost of action is much cheaper than the cost of inaction - it’s time to get on with the job.

Tax the ultra rich and do it now. It’s simple, common-sense economics. It is an investment in our common good and a better future that we all deserve, and as millionaires we want to make that investment.

What - or who - is stopping you?”

See the original text and the names of the underwriting millionaires in this link : https://thecostofextremewealth.com

The white swans who signed this letter are a minority in the ever-growing segment of millionaires and billionaires in the world. The initiative of these noble ladies and gentlemen is certainly commendable, but will die a quiet death. The extremely rich who circulate at Davos do not think a single moment of handing over even one penny extra in taxes. Paying several hundreds of thousands or even millions of euros a year to the World Economic Forum just to be a member and then again a few tens of thousands of euros for a seat at Davos is something they willingly do, but any contribution to society and the plebs is out of the question.

They can't take their wealth to their graves but that doesn't matter. During their lifetime, they count every penny they earn and... save at the expense of society and all those they consider as the plebs ( which is all of us ).

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