A group of people who are wealthy known as the Patriotic Millionaires support the hike of tax on the rich have said that they are taking this message globally at World Economic Forum.
Through a letter, which the group has plans of releasing this Wednesday, the group is going to call for a lot of reforms in international taxation. The organization has previously focused the message on U.S. where they had lobbied for the tax on millionaires and against the loopholes in the tax systems for the investment funds.
The letter had warned that the evasion of tax has now reached the proportions which are epidemic and this is contributing to the income inequalities which is destabilizing the entire quality levels. This letter has been done at an appropriate time as the people who are millionaires have gathered in plenty at the Forum which is happening in Davos in Switzerland.
One of the members has said that there are two types of people who are wealthy in the world where one of them prefer pitchforks, the other prefer the taxes. The letter says that they prefer taxes.
This particular letter cites a report by IMF in 2018 which had found that the $12 trillion investments multinational were absolutely artificial and had been sitting in the corporate shells which were empty all over the world. At the same time, the 2,000 billionaires of the world have a lot more wealth than the 60% of the population of the planet. This they said was a failure of the economic system and they felt that taxes were the solution to this plaguing problem of inequality in the world.