The Ultra-Wealthy's Surprising Support for Higher Taxes on Themselves

　　Challenging Perceptions: A Survey of the Ultra-Rich

　　Conventional wisdom suggests that most people, especially the wealthy, would resist any attempts to increase their tax burden. However, a recent survey conducted by Survation on behalf of the Patriotic Millionaires presents a surprising revelation: a significant portion of the ultra-wealthy support higher taxes on themselves.

　　Overwhelming Support for Wealth Tax

　　The survey, which gauged the sentiments of individuals in G20 countries with more than $1 million in investable assets, found that 75% of respondents support introducing a 2% wealth tax on billionaires, as proposed by the EU Tax Observatory in October 2023. Additionally, 74% support higher taxes on wealth to address the cost of living crisis and improve public services.

　　Wealth and Political Influence

　　The survey also delved into the perception of extreme wealth's influence on political processes. A significant 72% of respondents believe that extreme wealth can buy political influence, while 54% view it as a threat to democracy itself.

　　Surprising Support for Taxing Themselves

　　Perhaps the most striking finding is that 58% of respondents support the introduction of a 2% wealth tax on individuals with more than $10 million, effectively endorsing higher taxes on themselves.

　　A Call to Action: Open Letter to World Leaders

　　These survey results underscore the growing sentiment among the ultra-wealthy that they should contribute more to society through taxation. This is evident in the open letter signed by over 250 millionaires and billionaires, including prominent figures like Abigail Disney, Brian Cox, Richard Curtis, Simon Pegg, and Valerie Rockefeller, calling on world leaders to increase taxes on wealthy individuals.

　　Taxation as an Antidote to Economic and Democratic Challenges

　　The letter emphasizes that taxing extreme wealth will not only address the growing economic inequality but also serve as an investment in a more democratic and equitable future. It highlights the urgent need for action, as the current economic status quo and extraordinary wealth concentration are destabilizing economies and democracies.

　　Populist Threat and the Urgency to Act

　　The letter also warns of the dangers of inaction, as populist demagogues exploit economic stagnation and frustration to gain support, potentially leading to disastrous consequences for democracy. With at least 50 elections involving over 2 billion voters scheduled for 2024, the need for swift action to address extreme wealth and protect democratic institutions is more pressing than ever.

　　Hope for Change and the Role of Brazil

　　There is reason for optimism, as Brazil's presidency of the G20 this year presents an opportunity for concerted action. President Lula da Silva's commitment to adding international tax mechanisms to the G20 summit agenda offers a promising start toward tackling extreme wealth globally.

　　Conclusion: A Call for Action

　　The survey findings and the open letter from the ultra-wealthy send a clear message to world leaders: the time for action is now. As pressure mounts from both the ultra-wealthy and the general public, global leaders must demonstrate the political will to implement progressive tax policies that address extreme wealth inequality and protect democratic institutions.

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