Wealthy donors advocating for higher tax rates among the affluent elite.
Rich Folks Preaching Progressive Taxation
Get ready for a shocker! The rich and famous are clamoring to pay more in taxes. Yep, you heard it right. Marlène Engelhorn, a multimillionaire by virtue of her late grandma's fortune, is headlining the "Tax Me Now" movement. The movement gathers hundreds of wealthy individuals from Germany and Austria, crusading for a revised tax system, making the rich cough up more.
At the start of 2025, the Austrian divulged she would relinquish 25 million euros. Over 90% went to a citizen's assembly – a group chosen to represent Israeli society. The collective voted on 77 charitable organizations to receive donations ranging from 40,000 euros to 1.6 million euros.
Billionaires Shaking Up Balance Sheets: A Quick Look ## "Soak The Rich!"
It's not just Marlène holding the baton in this ironic crusade. Across the pond, the Patriotic Millionaires, an all-Star team of over 200 wealthy Americans, are in on the action. They lobby for increased taxes on the rich to level the playing field. As their argument goes, "We're rich beyond belief, yet regular folks carry an unfair share of the tax burden. It's about time we reined in our riches!"
The Patriotic Millionaires isn't the only choir in the room. similar initiatives can be found in the UK and Canada. Resources in Motion, a Canadian collective spearheaded by the wealthy, is advocating for better redistribution of wealth and power.
During the 2024 Davos summit, a group of wealthy signatories published an op-ed titled "Happy to Pay More". Guess what they were requesting? Hint: It wasn't cookies or compliments. Their plea was simple: "We want you to tax us – the cream of the crop!" Names like Abigail Disney (yes, the Disney family's granddaughter) and British actors like Brian Cox and Simon Pegg were part of this progressive tax bandwagon.
A survey conducted by "Proud to Pay More" revealed that out of 2,300 millionaires surveyed living in a G20 country, 74% supported increasing wealth taxes to help alleviate affordability issues and beef up public services. Furthermore, 72% believed that extreme wealth could buy political influence. In 2024, the number of new billionaires worldwide hit 204, spelling potential trouble, according to Oxfam, who warned in a study published in January 2025.
Around this article taxation wealth distribution riches inheritance impact political influence
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General trends and resistance to increased taxes:
While initiatives like the ones mentioned exist, they aren't a global domino effect. Resistance to increased taxes is often encountered, with political groups and individuals questioning their necessity and fairness. The debate is nuanced and depends on cultural, historical, and economic factors in each country.
Arguments against higher taxes on the rich:
- Economic Consequences: Some argue that increasing taxes on the rich could stifle innovation, investment, and economic growth.
- Less Government Revenue: Opponents of progressive taxation claim that high tax rates encourage the wealthy to engage in creative tax avoidance and switch their investments to countries with more favorable tax regimes.
- Despite the growing movement advocating for progressive taxation among the rich, such as the "Tax Me Now" movement led by Marlène Engelhorn, there are still political groups and individuals who question its necessity and fairness, suggesting that increasing taxes on the rich could have negative economic consequences, like stifling innovation and investment.
- In addition to facing opposition, some proponents of higher taxes on the rich, like the Patriotic Millionaires, also acknowledge the fear of less government revenue due to the wealthy engaging in creative tax avoidance or moving their investments to countries with more favorable tax regimes.
