To the Editor:

The World Economic Forum (“WEF”) was convened in Davos, Switzerland, recently. A meeting of international business leaders met for the first time without Covid restrictions to reflect on the state of the world and expectations for the future. A number of issues were discussed, including the dangers of AI, and threats to world peace from Russia and an unrestrained Israel in Gaza, but there were two other issues that were particularly relevant to our current political situation.
First. In an open letter to the WEF, 250 “Proud to Pay” millionaires and billionaires, including Bill Gates, Abigail Disney, and Valerie Rockefeller, urged the developed nations to impose higher taxes on people of extreme wealth – like them – to “address the dramatic rise of income inequality” which will be “catastrophic for society.”

A subsequent poll of over 2,300 millionaires/billionaires in G20 nations found that more than 70% of the respondents said they believe wealth “helps buy political influence” and a majority see extreme concentrations of wealth at the very top as corrosive to democracy. “Inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe.”

“Our request is simple: we ask you to tax us, the very richest in society…We need action now…This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future...This is a political choice.”

Second. Thomas Buberl, chief executive of French insurance giant AXA, one of the largest insurance companies in the world, called President Biden’s Investment Reduction Act (IRA), legislation giving incentives to American companies in one of several industries, “one of the most brilliant pieces of legislation I’ve seen in years. It creates a clear path for investment in carbon-reducing activities while helping the economy get over the hump of the transition from fossil fuels.”
European and Asian companies have objected that the measure unfairly helps U.S. companies and could steal their manufacturing capacity away. Many also argue a more cooperative approach among allies would help counterbalance the influence of China over manufacturing. A little too much “America First.”

But Republicans reject the view that taxing extreme wealth is an imperative to the future of democracy. As income inequality produces increased homelessness here, and children go hungry, the GOP congratulates itself for lower taxes on the rich and lower government assistance to those who are increasingly in need. As the world recognizes the advantage to America that President Biden’s IRA represents, Republicans claim he is “destroying our country.” Somebody is off their trolley.

Kelly Scoles
Fillmore, Ca.