World Economic Forum: 100 Millionaires Call On Governments to Make Them Pay More in Taxes

World Economic Forum: 100 Millionaires Call On Governments to Make Them Pay More in Taxes

  • This year's World Economic Forum took an interesting turn when 100 of the wealthiest people in the world asked to be taxed more
  • The world's richest say they realise that they are not being taxed enough and want governments to tighten tax law
  • Reports have also noted that while the rest of the world suffered financial losses due to Covid19 the wealthiest people became richer

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JOHANNESBURG - A 100 of the world's wealthiest men and women came together virtually at the World Economic Forum Davos Agenda 2022 and had one important message for global governments and that is to tax them more.

The group that has dubbed themselves the "Patriotic Millionaires" have acknowledged that governments are not charging them way too little.

Billionaires, Millionaires, taxes, World Economic Forum, Covid-19, pandemic
Some of the world's richest want their governments to have better tax laws. Image: Simon Dawson
Source: Getty Images

They also say they are not being taxed got their share in the economic growth they've gained due to the Covid19 pandemic, according to SABC News.

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“As millionaires, we know that the current tax system is not fair. 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," said the group.

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They stated that their wealth increased during the pandemic while most people suffered huge losses. Previous reports have also noted that the ultra-wealthy got even wealthier when the whole world went into lockdown.

The group has committed to be charged a global minimum of 15%. They also want laws to be tightened to make it more difficult for the wealthy to avoid paying taxes.

Inflation rate a topic of discussion

At the forum, many countries brought up the rising inflation rate and how it needs to be handled. Countries such as the United States of America have seen the inflation rate reach a record high of 7% in a 40 year period.

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However, China's inflation rate has gone down a little by 1.5% from peaking at 2.3% in the past 15 months, according to IOL.

South Africa's inflation is expected to increase by 0.1% and will now be 5.6%. SA's inflation rate is affected by the increasing fuel hikes as well as the cost of food increasing as a result.

Business improves for Liquor industry despite Covid 19, SA pleasantly surprised

In other business news, Briefly News previously reported that the current alert Level 1 restriction in South Africa have done little to hamper business as alcohol sales have gone up amid the festive season, leading to an improved bottom line, according to the Liquor Trading Industry.

The country moved to an adjusted lockdown in September, which opened the door for bars and restaurants to trade alcohol until 11 pm. Similarly, liquor stores were able to revert to normal operating hours.

SABC News reported that traders were initially uneasy over a potential negative outlook after the emergence of the new Covid-19 Omicron variant. After multiple bans on the sale of alcohol in South Africa over the last 21 months, the liquor industry felt justified in believing that another lockdown was in the pipeline.

Source: Briefly News

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