A group of more than 100 of the world’s richest people have called on governments to make them pay more tax. The group, named Patriotic Millionaires, said the ultra-wealthy were not being forced to pay their fair share towards the global economic recovery from the coronavirus pandemic. The signatories included Disney heiress Abigail Disney and Nick Hanauer, who was an early investor in Amazon. “Most of us can say that, while the whole world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic – yet few if any of us can honestly say that we pay our fair share in taxes,” the signatories said in a letter to the World Economic Forum. An analysis estimates that raising wealth taxes to 2% annually for those with over $5 million, 3% for those with more than $50 million, and 5% for billionaires could generate $2.52 trillion a year; globally, $2.52 trillion could lift 2.3 billion people out of poverty and make enough vaccines for the world.

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