A group of millionaires penned a letter asking their governments for more taxation at the Davos World Economic Forum. The wealthy people hailed from North America and Europe, the continents that already have some of the highest global tax rates.
“To put it simply, restoring trust requires taxing the rich,” the letter says. “The world – every country in it – must demand the rich pay their fair share. Tax us, the rich, and tax us now… If you don’t, then all the private talks won’t change what’s coming – it’s taxes or pitchforks. Let’s listen to history and choose wisely.”
Hm. The letter ignores what Western nations actually do with that money. As if the United States would collect those extra tax dollars and use them to pay for, say, health care, affordable medicines and education. In fact, recent Treasury reports show that the country does nothing of the sort. This is a truly puzzling letter. You better believe we will have something to say about it in today’s live show at 9AM Eastern.