'Patriotic Millionaires' at Davos: tax us more

STORY: Phil White, a former consultant, was there to represent the Patriotic Millionaires UK.

The group is comprised of over 100 billionaires and millionaires with one key message for world leaders: the ultra-wealthy should pay more taxes.

"We're lobbying for increased taxes on the rich and to change the tax burden away from the poor to the rich, and so we're lobbying the people here at Davos today," White said.

"We've got the 1%, the millionaires, and the 99%, and we're here with a common agenda and actually this united front saying we need less inequality, we need better tax systems, we need fairer tax systems all round," he said at the protest, side-by-side with left-wing activists. "And at the moment we have this crazy situation where in many countries tax on wealth is taxed at a lower rate than tax on working people. And that's just unfair, it's unjust, and we need to change that."

According to a study conducted by the Patriotic Millionaires together with Oxfam and other non-profits, a progressive wealth tax starting at 2% for those with more than $5 million and rising to 5% for billionaires could raise $2.52 trillion. That would be enough to lift 2.3 billion people out of poverty globally.

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