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The group of millionaires lobbying governments to be taxed more

The Surprising Case for Higher Taxes: A Group of Millionaires Speaks Out

In a move that has left many in the business and political communities scratching their heads, a group of wealthy individuals has launched a campaign to persuade governments around the world to increase their taxes. Yes, you read that right – a group of millionaires is advocating for higher taxes on themselves and their peers.

The group, known as the Patriotic Millionaires, was founded in 2010 by Robert Johnson, a billionaire investor and former president of the Blackstone Group. Since then, the organization has grown to include over 100 members, including celebrities, entrepreneurs, and philanthropists. Despite their impressive net worth, these individuals believe that they have a moral obligation to contribute more to the public purse.

"We’re not asking for a handout, we’re asking for a fair shot," said Robert Johnson in an interview with CNN. "We believe that the wealthy have a responsibility to contribute to the common good, and that means paying our fair share of taxes."

So, why would a group of millionaires want to be taxed more? For one, they believe that the current tax system is broken and benefits the wealthy at the expense of the poor and middle class. They argue that the tax code is riddled with loopholes and deductions that allow the rich to avoid paying their fair share of taxes. By increasing taxes on the wealthy, they hope to level the playing field and ensure that everyone contributes their fair share.

Another reason is that they believe that higher taxes could lead to a more equitable society. "When the wealthy are taxed more, it sends a message that we value fairness and equality," said Johnson. "It also means that we’re investing in the things that matter most, like education, healthcare, and infrastructure."

The Patriotic Millionaires are not just talking the talk, they’re also putting their money where their mouth is. Many of the group’s members have publicly committed to paying higher taxes, even if it means sacrificing some of their own wealth. For example, Warren Buffett, one of the group’s most high-profile members, has pledged to donate millions of dollars to charity each year, in addition to paying his fair share of taxes.

The group’s efforts have not gone unnoticed. In recent years, governments around the world have begun to take a closer look at their tax policies, with many implementing reforms aimed at reducing inequality and increasing revenue. For example, the United States has introduced a new tax on the wealthy, known as the "Buffett Rule," which requires individuals earning over $1 million per year to pay at least 30% of their income in taxes.

Of course, not everyone is convinced by the Patriotic Millionaires’ arguments. Some critics argue that higher taxes on the wealthy would stifle economic growth and drive entrepreneurs away from the country. Others believe that the group’s efforts are nothing more than a publicity stunt, designed to curry favor with politicians and the media.

Despite these criticisms, the Patriotic Millionaires remain committed to their cause. They believe that by working together, they can create a more just and equitable society, where everyone has the opportunity to thrive. And who knows – maybe one day, their efforts will inspire a new wave of socially conscious billionaires, willing to put their wealth to good use for the greater good.

https://www.abc.net.au/news/2024-07-23/group-of-millionaires-lobbying-taxed-more-government/104109738

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