G20 Leaders Must Tax Extreme Wealth

This open letter addressed to participants of the 18^th annual G20 summit held in India in September is a call for action and a campaign powered by Patriotic Millionaires, Millionaires for Humanity, Oxfam, Earth4All, and the Institute for Policy Studies. It is possible to sign it at this link: https://taxextremewealth.com/

According to a federalist perspective, such inequalities represent a threat to development, democracy, sustainable peace and institutional integration processes from the regional to the world level. Here are the most relevant points of the open letter:

To the G20 Heads of State,

The accumulation of extreme wealth by the world’s richest individuals has become an economic, ecological, and human rights disaster, threatening political stability in countries all over the world. [...] Decades of falling taxes on the richest, based on the false promise that the wealth at the top would somehow benefit us all, has contributed to the rise in extreme inequality. Our political choices allow ultra-wealthy individuals to continue to use tax shelters and enjoy preferential treatment [...]. At the same time, the world has seldom had more need for the richest to pay. [...] Across the world, people are desperate for change. Public polls in all G20 countries show overwhelming support for political action to curb inequality and tax extreme wealth. [...] As economists, millionaires, and political representatives, we agree we cannot allow extreme wealth to continue corroding our collective future. [...] The G20 must now collectively agree to raise taxes on the richest individuals, through truly inclusive and ambitious international collaboration to tax wealth and to stop tax competition and avoidance by the richest people. [...] With this in mind, we call on the member states of the G20 to work together to enact new tax regimes - at national and international levels - that eliminate the ability of the ultra-rich to avoid paying their dues, and introduce new rules that determine higher taxation of extreme wealth. An international agreement on wealth taxes would shrink dangerous levels of inequality while also allowing leaders to raise vital funds to tackle the multiple challenges facing our world. This will not be easy, but it will be worth it. Much work has already been done. There is an abundance of policy proposals on wealth taxation from some of the world’s leading economists. The public wants it. We want it. Now all that’s missing is the political will to deliver it. It's time for you to find it.