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.