‘The super-rich know that their wealth is unfair,’ says Mr. Marlene Engelhorn, a Viennese heiress who is giving away 25 million Euros to the general public by way of a committee of 50 selected citizens, without personal input in how it is distributed. She was spotted in Davos protesting at the World Economic Forum (WEF), with a sign that said: Tax the Rich,’ Camp said as I sat down. He was already halfway through his first pint. I guess this is a slow time of year at the book store.

            ‘It’s admirable and she certainly has a point but it’s quite unusual for the rich to demonstrate against themselves. What is her message?’

            ‘The WEF is basically an exclusive club of the super-rich and some government reps promising to make the world a better place. The reality of course is nothing like it. It’s mostly hobnobbing at seminars and dinner parties albeit without the Russians this year who were notorious for their lavish, bacchanalian parties.’

‘Nobody advocates for debt-relief for the poor countries nor does anybody offer a fairer tax system or a better wealth distribution,’ I said.

‘Giving away money is not a new idea but only 2 percent of the money spent on charitable purposes by foundations around the world goes to climate protection – that alone shows that there is little to be made of traditional patronage.’

‘And the rich get richer and the poor stay poor,’ I said.

‘The five wealthiest people in the world, all men by the way, have more than doubled their wealth since 2020 while at the same time, nearly five billion people, the poorest 60 percent became even poorer. That’s from a study by Oxfam, just published before the current WEF.’

‘Go figure. A better wealth distribution by way of taxation would be a welcome thing, bring the poor up while the wealthy remain just as rich. Maybe an inheritance tax over one million dollars would be a start.’

‘I agree with you but the argument against that is the inherited money has already been taxed as income.’

‘Bullshit. As Ms Engelhorn points out: It’s normal for money to be taxed several times. Income tax on your salary, purchase tax when you buy something, Goods and Service Tax everywhere, alcohol tax when you drink or buy alcohol. Why not inheritance Tax?’

We both emptied our pints and looked out at the monochromatic scenery behind a curtain of rain. Typical weather for this time of year on the Pacific West coast.

Continue reading →