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‘Tax Us Now,’ 100 millionaires make an unusual plea
More than 100 millionaires made an unusual plea on Wednesday: “Tax us now”.
Their appeal came as a study backed by wealthy individuals and nonprofits found that a wealth tax on the world’s richest people could raise $2.52 trillion per year — enough to pay for Covid vaccines for everyone and pull 2.3 billion people out of poverty.
In an open letter to the World Economic Forum’s online Davos meeting, 102 millionaires, including Disney heiress Abigail Disney, said the current tax system is unfair and “deliberately designed to make the rich richer”.
“The world — every country in it — must demand the rich pay their fair share,” the letter says. “Tax us, the rich, and tax us now.”
Their plea follows a report by global charity Oxfam this week which said that the world’s 10 wealthiest men doubled their fortunes to $1.5 trillion during the first two years of the pandemic while inequality and poverty soared.
“As millionaires, we know that the current tax system is not fair,” says the letter circulated by groups including Patriotic Millionaires, Millionaires for Humanity, Tax me Now, and Oxfam.
“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.”
The signatories include wealthy men and women from the United States, Canada, Germany, Britain, Denmark, Norway, Austria, the Netherlands and Iran.
The Patriotic Millionaires took part in a the wealth tax study with a network of non-profits and social movements, including Fight for Inequality Alliance, Oxfam and the US-based Institute for Policy Studies think tank.
In addition to funding vaccines worldwide and alleviating poverty, the tax would be enough to provide universal health care and social protection to 3.6 billion people in low- and middle-income countries, the group said.
The tax would be set at two percent for those worth over $5 million, three percent for over $50 million, and five percent for over $1 billion.
– ‘Realistic’ tax –
The group said a steeper progressive tax, which includes a 10 percent levy on billionaires, would raise $3.62 trillion a year. The actual levels of taxation would be country-specific.
Jenny Ricks, global convenor of the Fight Inequality Alliance, told AFP the group chose a lower progressive tax that was on the “realistic side”.
A plan to tax the wealth of some 700 American billionaires was floated by Democrats in the US Congress last year, but it was cut from President Joe Biden’s $1.75 trillion social spending and climate change programme.
Wednesday’s tax proposal was made as global government and business leaders take part in the virtual Davos meeting this week. The in-person gathering was postponed due to the spread of the Omicron variant.
“There is no defending a system that endlessly inflates the wealth of the world’s richest people while condemning billions to easily preventable poverty,” Patriotic Millionaires chairman Morris Pearl, a former BlackRock investment firm managing director, said in a statement.
“We need deep, systemic change, and that starts with taxing rich people like me,” Morris said.
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
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