'Patriotic' Millionaires Demand Higher Taxation To Rebalance World

A group of "patriotic" millionaires at the World Economic Forum gathering in Davos, Switzerland, say 'restoring trust' can be achieved by introducing fresh taxes on the wealthy. The UK now has a record 177 billionaires with a combined fortune of £653bn (almost $818 billion US), while more than 250,000 UK households are predicted to slide into destitution, taking those in extreme poverty to about 1.2 million. “It’s outrageous that our political leaders listen to those who have the most, know the least about the economic impact of this crisis, and many of whom pay infamously little in taxes," said former business consultant Phil White. "It's time to rebalance the world," said Marlene Engelhorn, an heir to the founders of the BASF chemical company and co-founder of the #taxmenow initiative. Danish engineer and property developer Djaffar Shalchi said Davos participants must acknowledge that their wealth and privilege "is incompatible with a world where everyone can live full and prosperous lives.”

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