In a report outlining income inequality, Walgreens Boots Alliance Executive Vice President John Driscoll said it is time to tax wealthy citizens like himself more.
He said the tax code plays a “critical role in curbing this overconcentration of uber-wealth.”
“In the U.S. and other countries, taxes on estates and inheritances have either been eliminated or watered down to the point where they have essentially become optional taxes for rich people to pay,” he said. “This must change. If our world leaders want to prevent millionaires and billionaires and their children from becoming the accidental aristocracy, they need to ensure that these taxes work as meaningful and effective checks on dynastic wealth.”
He closed his letter by saying it is time to raise taxes on people like him.
“I would be proud to pay more if it meant that American Dream stories like mine became possible once again,” he said.
Driscoll was among 250 millionaires who signed onto the Proud to Pay More campaign, which encourages governments in G20 nations to tax the rich at a higher rate.
The report notes that there are 2 billion people who struggle to meet the rising cost of living. The report also notes that the wealthiest 1% of global citizens contribute to 66% of the world’s carbon emissions.
The report cited multiple polls that show popular support for taxing the wealthy at a higher rate.
In the U.S., upper incomes are taxed at a higher percentage; however, capital gains — incomes that are made through investments rather than employment — are generally taxed at a much lower rate.
Also, a recent report showed that in most U.S. states, the wealthy pay a lower percentage of their income toward state and local taxes than the poor. This is because many locales rely on sales, excise and property taxes for revenue rather than income taxes.