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Dear John,
A global minimum tax on billionaires: It sounds like a fantasy, but in reality, finance ministers from France, Brazil, and other G20 countries have begun to discuss it.
When U.S. Treasury Secretary Janet Yellen attends the next G20 summit this November, it would be game-changing to have her on the record endorsing such a global tax on billionaire wealth.
Wealth inequality is exploding across the globe. Last year, the world’s wealthiest increased their private treasures by $1.5 trillion. Meanwhile the global poor are falling into extreme poverty, as inflation outpaces wage growth for nearly 2 billion people.
This severely worsening inequality is dangerous for democracy, as it leads to inherent instability and the potential for dictatorship.
Ask Treasury Secretary Janet Yellen to please endorse the international movement for a global minimum tax on billionaire wealth now, before the next G20 summit!
The majority of the world’s wealthy in G20 countries agrees: Taxing extreme wealth is important for multiple reasons. A recent poll of 2,385 millionaires in G20 countries found that a full three-quarters (75%) support a 2% wealth tax on billionaires.
Why?
They recognize that global security and the future of democracy depends on it. 54% of respondents agreed that extreme wealth threatens democracy, and 72% agreed that extreme wealth buys political influence.
The need, and the popular support, for a global minimum tax on billionaires is clear. What we need is for world leaders to step up and make it happen. The G20 summit is the place for this historic international movement to coalesce and bring results.
Urge Secretary Yellen to publicly support a global tax on billionaire wealth by adding your name now,
Thank you for pressing to reduce the disparities between extreme wealth and extreme poverty throughout the world.
Robert Reich
Inequality Media Civic Action
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