Petition to Hike Taxes on the Super-Rich Gets Hundreds of Signatures from Millionaires, Politicians

Nearly 300 millionaires, economists and lawmakers have made a public plea for the leaders of the world's largest economies ahead of their G20 summit this weekend in India: Please raise taxes on the ultra-rich.

In an open letter posted on the campaign's website, TaxExtremeWealth.com, the influential cohort writes the global community "cannot allow extreme wealth to continue corroding our collective future."

Signers of the letter include former heads of state, economists, millionaires, and lawmakers from around the world, including two members of Congress, Sen. Bernie Sanders, I-Vermont, and Rep. Brendan Boyle, D-Pennsylvania.

Abigail Disney, the documentary film producer and heir to the Disney media empire that bears her great-uncle's name, and British musician and producer Brian Eno are also among a few of the list's other notable names.

Together, they write that decades of tax cuts to the world's richest citizens have contributed to a rise in extreme inequality, and the super-wealthy continue to "use tax shelters and enjoy preferential treatment to the extent that, in most countries in the world, they pay lower tax rates than ordinary people," the letter says.

"At the same time, the world has seldom had more need for the richest to pay," the letter says. "For the first time in decades, extreme poverty is increasing, and nearly two billion people live in countries where inflation has outstripped wage growth.

"Furthermore, time is rapidly running out for countries to make the necessary green investments that would align themselves with the 1.5 degrees of warming cap called for in the Paris Agreement."

The signers say the G20 leaders should "collectively agree to raise taxes on the richest individuals" and close tax loopholes, similar to how they were able to hammer out a global minimum corporate tax in 2021.

According to the Guardian, the letter was organized by several groups with similar missions, such as Patriotic Millionaires, the Institute for Policy Studies, Earth 4 All, Millionaires for Humanity and Oxfam.

“The chorus of voices is surely growing too loud now for politicians to continue to ignore," Katy Chakrabortty, the head of policy and advocacy at Oxfam, the anti-poverty organization, told the outlet. "The world is at a critical juncture; fairer taxation to address the cost of living and climate crises is supported by millionaires and the public alike. It’s high time for governments to act.”

The G20 summit will be held from Sept. 9 through 10 in New Delhi.

The leader of the world's second-largest economy, Chinese President Xi Jinping, however, is not attending the summit amid China's tense relationship with India over a border dispute. China has said it will send another official in his place.