Could Millionaires Be Our Financial Saviours in the Face of COVID-19?

The Super-rich are calling for higher taxes on the wealthy to pay for economic recovery after COVID-19. 

In a time of austerity, when the NHS was already struggling, COVID-19 entered our lives. Luckily the NHS did not collapse but the economic impact of the crisis could impact future generations for years to come. 

The Super-rich continues to grow despite the lockdown and global crisis. Over 500,000 people in the world have fortunes of over £26.5 million

In a letter, 83 people who are deemed “The Super-rich” are calling for higher taxes on those who are wealthy, like themselves, to help with the global coronavirus recovery. People from 7 countries so far have signed the letter. Screenwriters, directors and investors from Silicon Valley are among those who support the increased taxation of “The Super-rich”. The members on “The Super-rich” list include Disney heir Abigail Disney. They say that “millionaires have a critical role to play in healing our world”

The UK has had almost a decade of government austerity, with budgets for policing and welfare being cut. This all began in the aftermath of the global financial crisis of 2008. There have been more than £30 billion in cuts since 2010.

The letter, released ahead of the G20 finance ministers and central bank governors meeting, demanded MPs to consider the increase in taxes on the super-wealthy and for “greater international tax transparency”.

So can these millionaires be our financial saviours in the face of COVID-19?

Photo courtesy of JP Valery

One comment

  1. THIS NEEDS TO HAPPEN. The top 1% have more than the bottom 50%, and if the super rich gave up most of their wealth, meaning they would still be able to live a comfortable life, then so much would be achieved towards tackling poverty and global inequality. Will be interesting to see how this pans out, though to be brutally honest, I cannot really see this happening.


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