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PATRIOTIC MILLIONAIRES

 

Key PointS:

  • The group calls itself the “Patriotic Millionaires”.
  • They said the ultra-wealthy people were not forced to pay their share of the global economic recovery due to the pandemic and the improper tax system. 
  • According to them, they saw the gains of wealth while the whole world suffered in different ways. So they want to pay a fair share of their income to global recovery.

A study by Patriotic Millionaires:

  • According to a study by Patriotic Millionaires, Oxfam, and other nonprofits, a progressive wealth tax starting at 2% for those with more than $5 million and rising to 5% for billionaires could raise $ 2.52 trillion globally.
  • This is enough to lift 2.3 billion people out of poverty while also ensuring health care and social protection for people in low-income countries.

What is the request for?

  • The request “Make us pay more taxes” proposes to agree with large companies. 
  • These companies will have to pay a minimum tax of 15% of their annual profit. 
  • In many countries, the wealthy have no obligation to pay annual taxes on goods, such as stocks, crafts, or commerce, because they are taxable only when sold.

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