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Group of millionaires wants more wealth tax

A group that calls itself “Patriotic Millionaires” has urged global political and business leaders virtually attending the World Economic Forum, to raise wealth taxes on the super rich. The group, which is composed of more than 100 billionaires and millionaires, said the ultra-wealthy were not currently being forced to pay their share of the global economic recovery from the pandemic. In an open letter, the group said: “As millionaires, we know that the current tax system is not fair. Most of us can say that, while the 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”.

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