Millionaires' Tax

Times are hard for people because of rising prices. COVID-19 and the Ukraine War have pushed up food and energy bills. In some countries, energy prices have tripled and food is 20 per cent more expensive than a year ago. A group of wealthy people who own companies has asked governments to tax them more. The people were at a meeting of global leaders in Davos, Switzerland. They protested in the streets. They marched with left-wing activists. They asked governments to increase taxes for people like them. The protestors wanted fairer taxes.

The Davos meeting has been held since 1971. World leaders meet there once a year to talk about global problems. The group of wealthy people call themselves the Patriotic Millionaires. One millionaire said it was shocking that world leaders listen "to those who have the most but know the least" about the cost of living crisis. He said many super-rich people are well known for paying very little in tax. He added that he wants the richest people to be taxed more. A different millionaire protestor said "another quarter of a billion people will be pushed into extreme poverty this year".