January, 19 2022, 07:37am EDT

Over 100 Millionaires Call Out Davos Attendees in Scathing Letter Demanding They Tax the Rich: "You're Part of the Problem"
“Show the people of the world that you deserve their trust. If you don’t, then all the private talks won’t change what’s coming - it’s taxes or pitchforks.”
WASHINGTON
Today, a group of over 100 millionaires and billionaires from nine countries published an open letter to Davos attendees including billionaires, corporate executives, and heads of state, demanding they embrace an aggressive agenda of taxing the rich.
Full text of the letter can be found HERE, and a full list of signatories can be found HERE.
The group published their letter during the World Economic Forum's weeklong Davos Agenda, during which participants are expected to discuss critical global challenges and solutions. It says unless heads of state and government and CEOs acknowledge the "simple, effective solution staring them in the face --taxing the rich," people around the world "will continue to see their so-called dedication to fixing the world's problems as little more than a performance."
Prominent signatories include American film producer and heiress Abigail Disney, American entrepreneur and venture capitalist Nick Hanauer, and British entrepreneur, Gemma McGough.
These super-rich signatories are joining a growing chorus of voices around the world calling for greater taxation of the richest in light of record COVID-19 wealth gains at the top of society --gains that have seen the ten richest men more than double their fortunes to a staggering $1.5 trillion dollars.
This letter is being released in conjunction with a new analysis by the Patriotic Millionaires, Institute for Policy Studies, Fight Inequality Alliance, and Oxfam, that finds that a wealth tax starting at just 2 percent annually for those with more than $5 million, 3 percent for those with over $50 million, and rising to 5 percent annually for billionaires could generate $2.52 trillion a year.
More global findings from the analysis include:
- 3.6 million people have over $5 million in wealth, with a combined wealth of $75.3 trillion.
- 183,000 individuals own over $50 million, for a combined wealth of $36.4 trillion.
- There are 2,660 billionaires with a total combined wealth of $13.76 trillion.
- An annual wealth tax applied to the world's richest would raise US $2.52 trillion a year (with a graduated rate structure: 2% tax on wealth over $5 million; 3% on wealth over $50 million; 5% on wealth over $1 billion).
An annual tax on the world's richest would be enough to lift 2.3 billion people out of poverty, make enough vaccines for the whole world, and deliver universal health care and social protection for all the citizens of low and lower middle-income countries (3.6 billion people).
Their US analysis found:
- There are 740 U.S. billionaires with wealth totaling $5.1 trillion. Throughout the pandemic (beginning in mid-March 2020), the wealth of the US American billionaire class increased $2 trillion.
- The richest billionaire owns more wealth than the bottom 40% of U.S. society.
- U.S. billionaires own half a billion more in wealth than the bottom 60% of U.S. society.
- An annual wealth tax in the United States would raise $928.39 billion a year (with rates at 2% on wealth over $5 million, 3% on wealth over $50 million and 5% over $1 billion). This revenue could raise the government's health budget by a third or it could eliminate half of U.S. households' out of pocket health costs.
From a few signers, in their own words:
Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc., said: ""There is no defending a system that endlessly inflates the wealth of the world's richest people while condemning billions to easily preventable poverty. We need deep, systemic change, and that starts with taxing rich people like me."
Gemma McGough, British entrepreneur and founding member of Patriotic Millionaires UK said: "A common value most people share is that if something's not fair then it's not right. But tax systems the world over have unfairness built-in, so why should people trust them? They are asked to shoulder our shared economic burden again and again, while the richest people watch their wealth, and their comfort, continue to rise. For all our well-being --rich and poor alike-- it's time we right the wrongs of an unequal world. It's time we tax the rich."
The letter was circulated by Patriotic Millionaires (US and UK), Tax Me Now, Millionaires for Humanity, Fight Inequality Alliance, Institute for Policy Studies, and Oxfam, and warns that "history paints a pretty bleak picture of what the endgame of extremely unequal societies looks like."
The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.
(202) 446-0489LATEST NEWS
Netanyahu Shows Map of 'New Middle East'—Without Palestine—to UN General Assembly
"Netanyahu made clear with his little map today what normalization really seeks: eliminating Palestine... from the region and legitimizing greater Israel, all with the blessing of Arab regimes," one critic said.
Sep 22, 2023
Israeli Prime Minister Benjamin Netanyahu angered Palestinians and their defenders Friday after presenting a map of "The New Middle East" without Palestine during his speech to the United Nations General Assembly in New York.
Speaking to a largely empty chamber, Netanyahu—whose far-right government is widely considered the most extreme in Israeli history—showed a series of maps, including one that did not show the West Bank, East Jerusalem, or Gaza. These Palestinian territories have been illegally occupied by Israel since 1967, with the exception of Gaza—from which Israeli forces withdrew in 2005, while maintaining an economic stranglehold over the densely populated coastal strip.
Middle East Eyereported Netanyahu also held up a map of "Israel in 1948"—the year the modern Jewish state was established, largely through the ethnic cleansing of more than 750,000 Arabs—that erroneously included the Palestinian territories as part of Israel.
Palestinian Ambassador to Germany Laith Arafeh said on social media that there is "no greater insult to every foundational principle of the United Nations than seeing Netanyahu display before the UNGA a 'map of Israel' that straddles the entire land from the river to the sea, negating Palestine and its people, then attempting to spin the audience with rhetoric about 'peace' in the region, all the while entrenching the longest ongoing belligerent occupation in today's world."
As Middle East Eye noted:
The inclusion of Palestinian lands (and sometimes land belonging to Syria and Lebanon) in Israeli maps is common among believers of the concept of Eretz Yisrael—Greater Israel—a key part of ultra-nationalist Zionism that claims all of these lands belong to a Zionist state.
Earlier this year, Netanyahu's finance minister, Bezalel Smotrich, spoke from a podium adorned with a map that also included Palestine, Lebanon, and Syria as part of Greater Israel. In the same event, he said there was "no such thing as Palestinians."
The use of such maps by Israeli officials comes at a time when Netanyahu's ultra-nationalist government has taken steps that experts say amount to the "de jure annexation" of the occupied West Bank.
Netanyahu used the maps in an attempt to illustrate the increasing number of Arab countries normalizing relations with Israel under the Abraham Accords brokered by the administration of former U.S. President Donald Trump.
"There's no question the Abraham Accords heralded the dawn of a new age of peace," the Israeli prime minister said. "But I believe that we are at the cusp of an even more dramatic breakthrough, an historic peace between Israel and Saudi Arabia. Peace between Israel and Saudi Arabia will truly create a new Middle East."
Critics have countered that peace between apartheid Israel and Arab dictatorships has come at the cost of advancing Palestinian rights. In the case of Morocco, the United States recognized the North African nation's illegal annexation and brutal occupation of Western Sahara in exchange for normalization with Israel.
Netanyahu's props on Friday reminded numerous observers of the time during his 2012 General Assembly speech when he used a cartoon drawing of a bomb to illustrate Iran's progress on advancing a nuclear weapons program that both U.S. and Israeli intelligence agencies said did not exist.
Keep ReadingShow Less
Brazilian Supreme Court Delivers 'Historic Victory' to Indigenous Peoples
The court ruled against the Big Ag-backed "time limit trick," which would have only recognized Indigenous land claims if the group could prove they were living in a given territory on October 5, 1988.
Sep 22, 2023
In a major victory for Indigenous rights, Brazil's Supreme Federal Court rejected an argument Thursday that could have forced hundreds of thousands from their ancestral lands.
The so-called "time limit trick," backed by the nation's powerful agricultural interests, would have only recognized Indigenous land claims if the group could prove they were living in a given territory on October 5, 1988, the day the current Brazilian constitution was signed, as Survival International explained. The proposed rule ignored the fact that Brazil's military dictatorship displaced many Indigenous groups before it finally ended in 1985, The Guardianpointed out.
"I'm shaking," Jéssica Nghe Mum Priprá of the Xokleng-Laklano Indigenous group toldThe Associated Press while celebrating the news. "It took a while, but we did it. It's a very beautiful and strong feeling. Our ancestors are present—no doubt about it."
"The Supreme Court has shown that it cares about our lives and that it's against genocide."
The particular case the nation's highest court heard Thursday involved a land dispute in the state of Santa Catarina, Reuters reported. The Xokleng people were driven from much of their traditional lands in the state during the 1950s, when Brazil sold the land to tobacco farmers, the outlet explained in 2021. Santa Catarina then used the 1988 time limit to push more members of the Xokleng group out of a national park, prompting the current dispute.
"Before they killed us with guns, now they kill us with the stroke of a pen," former chief João Paté told Reuters in 2021.
However, the court on Thursday ruled 9-2 in favor of the Xokleng.
"Areas occupied by Indigenous people and areas that are linked to the ancestry and tradition of Indigenous peoples have constitutional protection, even if they are not demarcated," Justice Luiz Fux said.
The only two dissenting judges were appointed by right-wing former Brazilian President Jair Bolsonaro, who supported extractive industries at the expense of Indigenous rights.
The court also said that the decision had "general repercussion" status, meaning it would apply to other rulings involving Indigenous land claims.
"This is a momentous, historic victory for Brazil's Indigenous peoples, and a massive defeat for the agribusiness lobby," Survival International research and advocacy director Fiona Watson said in a statement, adding that a broad application of the time limit trick would have threatened many Indigenous groups in the country, among them the uncontacted Kawahiva.
"It was all part of a devastating assault on Brazil's Indigenous peoples and the Amazon rainforest, so this rejection of it is hugely important, not only for Indigenous peoples, but for the global fight against climate change too," she said.
Indigenous peoples gathered in Brasilia celebrated the news with dancing and weeping, The Guardian reported, as did those following the case from their homes in the Amazon region.
"We're crying with joy," Aty Guasu, an organization representing the Guarani group, said in a statement translated by Survival International. "Today we're going to sing the song of life and dance the dance of joy. The Supreme Court has shown that it cares about our lives and that it's against genocide. It has listened to the cry of the Indigenous peoples of Brazil."
National Indigenous rights group APIB also welcomed the decision, but said that there were other pending threats to Indigenous rights.
"We have indeed emerged victorious from the time frame thesis, but there is still much to be done," the group's executive coordinator Dinamam Tuxá said in a statement.
Tuxá pointed to a bill currently in the Senate that would only allow new reservations in land occupied by Indigenous groups as of 1988, as Reuters described it. While the court decision may make this provision harder to pass, the bill would also ease the way for mining, farming, dams, and transportation projects in Indigenous territory, AP explained.
"We remain mobilized," Tuxá said. "We continue to fight because we need to ensure and protect the rights of Indigenous peoples."
Keep ReadingShow Less
Democratic Senators Sound Alarm Over Koch-Backed Plot to 'Eviscerate' Regulatory State
"For years, regulated interests have funded a full-scale campaign to delegitimize and dismantle federal regulations."
Sep 22, 2023
Hours before ProPublicarevealed new details about U.S. Supreme Court Justice Clarence Thomas' relationship with the Koch network, a group of Democratic senators filed a brief on Thursday warning that Koch-backed entities are closely involved in an upcoming case that could further gut the federal government's regulatory power—and enhance the strength of the conservative-dominated high court.
The case in question is Loper Bright Enterprises v. Raimondo, which stems from a New Jersey-based fishing company's challenge to a law requiring certain fishing boats to carry federal compliance monitors to enforce regulations.
Loper Bright Enterprises specifically objected to an interpretation of federal law by the National Marine Fisheries Service, which said the Magnuson-Stevens Act allows the agency to require industry to pay the costs of the monitors.
The dispute over an obscure federal statute has since exploded into a matter of great interest to industry groups and environmentalists, with the latter warning that if the Supreme Court sides with the plaintiffs, it will be much more difficult for federal agencies to implement climate regulations.
Sens. Sheldon Whitehouse (D-R.I.), Mazie Hirono (D-Hawaii), Dianne Feinstein (D-Calif.), and Elizabeth Warren (D-Mass.) echoed that concern and spotlighted the attention the case has attracted from right-wing and corporate-funded groups.
"This case is the product of a decades-long effort by pro-corporate interests to eviscerate the federal government's regulatory apparatus, to the detriment of the American people," the lawmakers wrote, noting that a number of groups connected to the Koch network and other powerful right-wing organizations have submitted briefs in support of the plaintiffs in Loper v. Raimondo.
"For example, amici The Buckeye Institute, Cato Institute, Competitive Enterprise Institute, Landmark Legal Foundation, Mountain States Legal Foundation, National Right to Work Legal Defense Foundation, New Civil Liberties Alliance, and Pacific Legal Foundation have all received hundreds of thousands, and sometimes millions, of dollars from Donors Trust and Donors Capital Fund—two donor-advised funds that allow ultra-wealthy interests to direct funding anonymously."
"The Buckeye Institute, Cato Institute, Competitive Enterprise Institute, New Civil Liberties Alliance, and Pacific Legal Foundation
have also received substantial funding from the Koch family foundations—another top-ten funder for the climate change counter-movement," the senators added.
"The court should proceed cautiously before contributing to their sought-for degradation of our American regulatory system."
At the center of Loper v. Raimondo is the so-called Chevron doctrine, a decades-old administrative law principle that says courts should defer to a federal agency's "reasonable" interpretation of a statute when the law's language is ambiguous.
The plaintiffs in the case and their corporate-backed supporters have called on the Supreme Court to either weaken the Chevron doctrine or overrule it entirely.
In its amicus brief in the case, the Cato Institute—which was co-founded by billionaire oil tycoon Charles Koch—declares that the Chevron doctrine is "unconstitutional and ahistorical" and has "wreaked havoc in the lower courts upon people and businesses."
The Democratic senators counter in their brief that the Chevron doctrine has been critical in "allowing Congress to rely on agency capacity and subject-matter expertise to help carry out Congress' broad policy objectives."
"Administrative regulations reined in dangerous industry activities," the senators added, "and our society became safer and more prosperous."
A ruling that effectively casts the principle aside, the lawmakers argued, "would not just conflict with Congress' well-established policymaking desires; it would erode the separation of powers by shifting policymaking power from Congress and the executive to the unaccountable judiciary."
The brief was submitted a day before ProPublicareported that Thomas, one of the justices poised to rule on Loper v. Raimondo, has attended at least two donor events for the Koch network during his time on the Supreme Court.
ProPublica noted that Thomas used to support the Chevron doctrine but has changed his position in recent years amid a growing corporate onslaught against the regulatory principle.
The Democratic senators stressed in their brief that "the assault in this case on the regulatory system is not an isolated effort."
"For years, regulated interests have funded a full-scale campaign to delegitimize and dismantle federal regulations,” the lawmakers wrote. "The court should proceed cautiously before contributing to their sought-for degradation of our American regulatory system."
Keep ReadingShow Less
Most Popular
Independent, nonprofit journalism needs your help.
Please Pitch In
Today!
Today!