June 10, 2022 - Douglas Myser

Inflation makes new call to tax rich. The Davos summit of the rich and powerful did nothing to restore the confidence and trust of the masses. After dealing with the problems of Covid, then having inflation rear its ugly head higher than the last 40 years, people are looking to restore the tax system to a time when it worked for everyone. The inequality that is in the current tax system has created a level of distrust never seen before. To restore that trust a complete change in the current tax system, worldwide, is needed. It in essence means taxing the rich to a larger degree. Many people remember the tax rates of the 50s and 60s, when higher incomes were taxes at 50%, yet the economy was rolling along, had a real middle class with purchasing power, and the rich were also getting richer. At the Davos conference its interesting that many millionaires staged a protest and were calling for higher taxes on the upper income brackets and a change to the "race to the bottom" tax system that permeates the tax system. Inflation makes new call to tax rich.

It seems that inflation is a big reason more are asking the rich to pay a larger share into the pot. Julia Davies, founding member of Patriotic Millionaires U.K. said that as "scandalous as it is that governments seem to be utterly inactive on dealing with the cost of living, it is equally scandalous that they allow extreme wealth to sit in the hands of so few people." Davies added that "global crises are not accidental, they are the result of bad economic design." Speaking to CNBC's Geoff Cutmore on a panel at Davos, Oxfam Executive Director Gabriela Bucher said that last year's multilateral agreement proposing that companies pay at least 15% tax on earning, did not go far enough.

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