The approximately 300 millionaires address the world leaders at the World Economic Forum in Davos in the open letter. “We are surprised that you have still not answered a simple question: when will you tax extreme wealth? If the elected representatives of the world’s leading economies do not take steps to address the dramatic rise in economic inequality, there will be lasting catastrophic consequences for society.”
This is an initiative of ‘Proud to pay more’, a platform that unites millionaires from all over the world who want to pay more taxes to improve public services. Jan Colruyt also signed the letter, as the only Belgian, even though he is among the Swiss signatories because he lives in Switzerland. Jan Colruyt therefore seems to agree with the extreme left PVDA, which has been campaigning for a rich tax for years and which last week accused the Colruyt group of barely paying taxes.
Jan is the nephew of chairman of the Colruyt group Jef Colruyt and a brother of the important impact investor Piet Colruyt. According to stock exchange regulator FSMA, Jan Colruyt, with his philanthropic ‘Stiftung Pro Creatura’ based in Lichtensteig, owns 146,755 shares of Colruyt, which corresponds to a capital of more than 6 million euros.
The wealthy signatories strive to be taxed more on their assets. “This will not fundamentally change our living standards, disadvantage our children, or harm the economic growth of our nations,” they write. “It will convert extreme and unproductive private wealth into an investment for our common democratic future.”
In addition to Jan Colruyt, there are also tax-friendly millionaires among the signatories. Like Abigail Disney, the American heiress to the Disney empire. Or philanthropist Valerie Rockefeller of the famous American Rockefeller family. And also the Austrian-German BASF heiress Marlene Engelhorn, who announced last week that she wants to give away 90 percent of her fortune, worth about 25 million euros.
To the world leaders in Davos:
We are surprised that you have not yet answered a simple question we have been asking for three years: when will you tax extreme wealth? If elected representatives of the world’s leading economies do not take steps to address the dramatic increase in economic inequality, the consequences will continue to be catastrophic for society.
Our pursuit of fairer taxes is not radical. Rather, it is a demand for a return to normality based on a sober assessment of current economic conditions. We are the people who invest in start-ups, shape the stock markets, grow companies and drive sustainable economic growth. We are also the people who benefit most from the status quo. But inequality has reached a tipping point and its costs to our economic, social and environmental stability are serious – and growing every day. In short, we need action now.
Our request is simple: we ask you to tax us, the wealthiest in society. This will not fundamentally change our living standards, rob our children, or harm the economic growth of our nations. But it will transform extreme and unproductive private wealth into an investment for our common democratic future.
The solution to this cannot be found in one-off donations or philanthropy; individual action cannot restore the current colossal imbalance. Our governments and leaders must take the lead. And so we come to you once again with the urgent request to act – unilaterally at the national level and together on the international stage.
Every moment of delay entrenches the dangerous economic status quo, threatens our democratic norms and shifts the responsibility to our children and grandchildren. Not only do we want to be taxed more, we also believe we should be taxed more. We would be proud to live in countries where this is expected, and proud of elected leaders who are building a better future. As the wealthiest members of society we would also:
– be proud to pay more to tackle extreme inequality.
– proud to pay more to help lower the cost of living for working people.
– proud to pay more to better educate the next generation.
– proud to pay more for resilient healthcare.
– proud to pay more for better infrastructure.
– proud to pay more for a green transition.
– proud to pay more taxes on our extreme wealth.
The value of fairer tax systems should be self-evident. We all know that the system of ‘trickle down economics’ has not translated into reality. Instead, it has given us stagnant wages, crumbling infrastructure and failing public services, and destabilized the institution of democracy itself. It has created a shameful economic system that is unable to deliver a better, more sustainable future. These challenges will only worsen if you do not address extreme wealth inequality.
The true measure of a society is not only how it treats its most vulnerable members, but also what it asks of its wealthiest members. Our future is one of fiscal pride, or economic shame. That’s the choice.
We ask you to take this necessary and inevitable step before it is too late. Make your countries proud. Tax extreme wealth.