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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.
The Supreme Court has deferred its judgment in the contentious case brought by the Federal Government against the 36 state governors, regarding the autonomy of local governments across Nigeria.
Justice Garba Lawal informed all parties involved that they would be notified once the court’s decision is finalized.
This announcement followed the conclusion of proceedings where a 7-man panel of the apex court heard arguments and adopted legal submissions from both the Attorney General of the Federation (AGF), Lateef Fagbemi, representing the Federal Government, and representatives of the 36 state governors.
During Thursday’s session, the AGF urged the court to grant all reliefs sought by the Federal Government in the lawsuit.
Conversely, the governors, represented by their respective state Attorneys General and Commissioners for Justice, vehemently opposed the Federal Government’s demands and urged the court to dismiss the suit altogether.
Lateef Fagbemi, a Senior Advocate of Nigeria (SAN), acting on behalf of the Federal Government, initiated the legal action aimed at securing full autonomy for local governments, which are constitutionally recognized as a third tier of government in Nigeria.
Among the reliefs sought, the AGF petitioned the apex court to issue an order preventing state governors from unilaterally and unlawfully dissolving democratically elected local government administrations.
Nigeria experienced a significant decline in crude oil production to 1.25 million barrels per day (bpd) in May 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).
This marks a decrease of 2.34% from April’s output of 1.28 million bpd, as reported in OPEC’s monthly oil market report for June.
The data indicates that OPEC gathered these figures through direct communication with Nigerian authorities. This method contrasts with secondary sources such as energy intelligence platforms, which also provide production data to OPEC.
Earlier reports had shown that Nigeria’s crude production stood at 1.3 million bpd in the fourth quarter of 2023 and the first quarter of 2024.
Despite efforts to combat crude oil theft and pipeline vandalism, spearheaded by the Nigerian National Petroleum Company Limited (NNPCL), the production decline persisted.
Nevertheless, Nigeria retained its position as Africa’s top oil producer, followed by Libya with 901,000 bpd in May, and Algeria at 264,000 bpd, according to OPEC.
Interestingly, while OPEC’s secondary sources reported a 5% increase in Nigeria’s crude production to 1.41 million bpd from April’s 1.35 million bpd, both figures remained below Nigeria’s 2024 OPEC production quota of 1.5 million bpd.
The OPEC report highlighted broader trends in global oil production, noting that total OPEC-12 crude oil production averaged 26.63 million bpd in May 2024, with increases in Nigeria, Gabon, and Equatorial Guinea counterbalanced by decreases in Saudi Arabia, Kuwait, Libya, and Congo.
Meanwhile, total non-OPEC crude oil production averaged 14.29 million bpd in May 2024, with Mexico showing an increase while Russia and Kazakhstan saw declines.
In summary, Nigeria’s recent production figures underscore its pivotal role in the global oil market despite operational challenges and quota restrictions set by OPEC for 2024.
President Bola Tinubu has reaffirmed his commitment to approving a new minimum wage that aligns with Nigeria’s economic capacity, addressing the nation during a commemorative dinner marking 25 years of uninterrupted democracy.
“I will approve a new minimum wage that the government can afford,” President Tinubu stated on Wednesday, expressing gratitude to his supporters and pledging to uphold democratic principles in governance.
“I have to celebrate with you my dear brother, Senate President, Deputy Senate President,” he remarked, singling out Senate President Godswill Akpabio and Deputy Senate President Jibrin Barau as key figures who would soon receive an Executive Bill on the proposed wage adjustment.
“The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford. Cut your coat according to your size, if you have size at all,” President Tinubu emphasised, addressing the need for fiscal responsibility amidst economic challenges.
The President also addressed concerns over rising food prices, promising measures to combat banditry which has disrupted agricultural activities across the nation.
Earlier during his Democracy Day address, President Tinubu paid homage to MKO Abiola and other democracy icons, urging Nigerians to support efforts aimed at economic revitalization.
Following recent negotiations between the government and labour representatives on Friday, June 7, 2024, discussions over the new minimum wage reached an impasse. Labour had revised its demand from ₦494,000 to ₦250,000, while the government marginally increased its initial offer from ₦60,000 to ₦62,000.
Reports from both sides have been submitted to President Tinubu, who is expected to review the proposals and submit an Executive Bill to the National Assembly for consideration and approval.
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