Very rich people in the world clamor for higher taxes on them to pay for the COVID health Rand economic recovery.

It’s not like the economic resources are not there, just not available. If the world economy has shutdown, financing must come from existing sources.

“More than 80 of the world’s richest people have publicly called on world governments to initiate immediate, substantial, and permanent taxes on the rich in order the help fund the economic recovery that’s needed as a result of the COVID-19 fallout. The group, which calls itself “ Millionaires for Humanity,” includes major names such as Disney heiress Abigail Disney and Jerry Greenfield, the cofounder of Ben & Jerry’s ice cream.
In an open letter posted on the group’s website, its members state, “As Covid-19 strikes the world, millionaires like us have a critical role to play in healing our world. No, we are not the ones caring for the sick in intensive care wards. We are not driving the ambulances that will bring the ill to hospitals. We are not restocking grocery store shelves or delivering food door to door. But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis.”

“The letter also points out that the economic and social problems caused and exacerbated by COVID-19 can’t be solved by voluntary charity “no matter how generous.”

“The world’s 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 percent of the planet’s population, reveals a new report from Oxfam today ahead of the World Economic Forum (WEF) in Davos, Switzerland.”

18 thoughts on “Very rich people in the world clamor for higher taxes on them to pay for the COVID health Rand economic recovery.

    1. ““The letter also points out that the economic and social problems caused and exacerbated by COVID-19 can’t be solved by voluntary charity “no matter how generous.””

      I think THAT answers your statement.


        1. That is some interpretation.

          This is a worldwide economic disaster and these billionaires are offering a solution to try to bring some stability back.

          Honestly, time to hoard and disappear to Galt’s retreat and give the finger to the world.

          “Thanks for all your help, now go screw yourself while I count my money.”


          Liked by 1 person

          1. The problem with these richest people dictating tax policy is that they lack perspective.

            If Bezos gets a 50% tax on his $112Billion wealth, he can still scrape by on the remaining $56Billion, but the same tax on those of us who just barely have managed to scrape up a mere million in assets and we no longer have a secure retirement.

            History has shown that every time the Congress takes aim at the rich, they hit me as collateral damage.


          2. Don, did the article mention everybody with a small nest egg or just the very wealthy.

            It would be simple to just increase the tax on incomes over a certain number of millions, which could be quite high.

            Then do a similar thing on the accumulated wealth over a certain number which would be quite high.

            You and I are fortunate to have enough resources to wait this mess out. We don’t have to risk our lives to work to pay rent or even keep a small business afloat.

            And that is fine. We saved and scrimped to reach a level of security as our working abilities diminished.

            But if the economy collapses, do you really want to just have your gold coins and a locker full of guns to spend the rest of your life defending against the masses. Or perhaps take up the offer of the world’s wealthiest to shore up economies post-pandemic for the next decade and maintain some modicum of stability.

            Like it or not, this pandemic has exposed huge weaknesses in our economy, and others around the world. And, as an additional thought, what is the value of market based economics when there is no market? A transition period might very well be necessary, as in the extended unemployment, to contain the virus until vaccines or cures are found, and that is what these billionaires are discussing.

            Remember, we haven’t paid a dime for all these bailout monies. Yet.

            And the virus is still creating havoc and overloading hospitals in the Southern state hot zones. Also, the “easy” employment opportunities as lockdowns eased are not going to get us to where we were for a long time to come.

            Liked by 1 person

          3. I’m a Libertarian. My faith in governments is very limited.

            I am quite certain that Bezo’s billions will do me more good in his hands than if turned over to the government. After all, he got that money making my life better. Can government say the same?


          4. His billions won’t be worth the paper its printed on if we have a total collapse in the world economy.

            That might very well what those wealthy supporters of this plan are trying to avoid.

            Again, the market economy, a staple of economics for centuries, is not worth much if the market is gone.

            Correct me if my numbers are off, but since Trump took office, with a solid economy, we have increased our debt by 6 Trillion or so. First a tax cut then all this bailout.

            Until we get a robust, well paid workforce and near full employment again, we can’t even begin to shore up our “savings” and cut our debt loads.

            Liked by 1 person

          5. If the economy goes bad, people like Bezos will find a way to make money on it, and will ease the pain for the rest of us in doing so,

            The marketplace ALWAYS responds to reality better than government, which responds to the perception of reality, filtered through the bias of its constituency.


          6. …”marketplace ALWAYS responds to reality better than government, which responds to the perception of reality, ”

            Guess that explains the ditching of the ACP by Dominion.

            Don’t buy it now. didn’t buy it then.

            Liked by 1 person

          7. That decision has nothing to do with the market. Northam has made it more profitable to provide expensive energy from wind and solar than the most economical energy for the customers.

            It is the result if government meddling in the market not the normal market response.


          8. …’expensive energy from wind and solar”…

            Yep. You keep ignoring everything that says the cost of wind and solar is coming down. THINGS CHANGE. Or did you forget that?


          9. But it simply isn’t true.

            The cost of the solar per gigawatt is coming down if you count ONLY that generation, but when you add in the necessary backup generation required for nighttime or cloudy days, it remains many times the cost of combined cycle natural gas.

            The cost of wind per gigawatt is going up even when you only count the cast of that energy in isolation and not the backup, because as the good land sites are taken,(like mountain passes and such) less desirable locations are used and they cost the same to build and maintain but yield less energy. Offshore wind is MUCH more expensive to build and maintain.

            Neither comes close to dual cycle natural gas. or even nuclear.


          10. …”(like mountain passes and such) “..

            May I suggest a trip along the Pennsylvania Turnpike. Several wind turbines can be seen from the highway along the Appalachian range.

            You continue to spread the lie that renewable energy remains expensive when the actuality is the costs of production and infrastructure are coming down. Storage costs are declining because your beloved market is actually working toward that end. You also ignore the adjacent costs of continuing to use fossil fuels or for the disposal of spent nuclear rods.


          11. …”government meddling “…

            part of our nation’s infrastructure needs. In the Constitution it was post roads. We’ve come a long way since 1787.


          12. Sure but imagine if those post roads were made winding and mountainous when they could have been straight and level so that travel and postal service cost a lot more.


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