'There are two kinds of wealthy people in the world: those who prefer taxes and those who prefer pitchforks.'
The super-rich have a simple choice ahead of them: pay more taxes or face “pitchforks” from the masses worldwide.
“Extreme, destabilizing inequality is growing across the globe,” the letter said. “Today, there are more billionaires on earth than ever before, and they control more wealth than they ever have. Meanwhile, the incomes of the poorest half of humanity remain virtually unchanged.” The signatories include Abigail Disney, a granddaughter of Disney DIS, +0.31% co-founder Roy Disney, who has criticized Disney CEO Bob Iger’s $65 million pay package.
The global focus may be a new shift for the group, but it stokes the ongoing debate over income inequality and what to do about it. Sen. Bernie Sanders and Sen. Elizabeth Warren have both made wealth taxes central parts of their bids for the Democratic presidential nomination. Their plans to increase taxation want to “punish success,” according to one conservative think tank, the Employment Policies Institute.
The average top tax rate in highly developed countries is 41.65%, according to the World Economic Forum.
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