New York, November 23, 2025
A growing global movement of millionaires and billionaires is publicly advocating for higher taxes on the ultra-wealthy to combat inequality, support public services, and protect democratic integrity. This trend, active through 2024 and into 2025, spans the U.S. and numerous G20 countries.
Millionaire-Led Movement for Tax Reform
Numerous affluent individuals, spearheaded by groups such as Patriotic Millionaires in the United States, have taken a firm stance demanding progressive tax reforms. These calls emphasize the need for the wealthy to contribute a fairer share to alleviate economic disparities. Polls from 2024 reveal that 62% of millionaires see rapidly growing inequality as a threat to democracy, with 63% endorsing a 2% tax on households worth over $100 million and nearly 59% backing similar taxes on billionaires. Internationally, approximately three-quarters of millionaires in G20 nations support heightened wealth taxation, underscoring the movement’s global dimension.
Prominent political figures, including U.S. President Joe Biden and French President Emmanuel Macron, have urged collaborative international efforts to establish progressive tax standards targeting the ultra-rich. Public advocacy extends beyond the U.S.; in the United Kingdom, millionaire advocates have launched campaigns linking super-rich taxation to addressing the cost-of-living crisis and systemic inequality.
Policy Proposals Targeting Wealth Concentration
The Biden administration’s 2025 budget reflects this advocacy with several key measures. Proposals include instituting a minimum tax rate of 25% on households possessing net worth above $100 million—a significant increase from the current 8.2% effective rate. The budget seeks to double the capital gains tax, remove the step-up basis on gains over $5 million per person, and raise the Medicare tax on incomes exceeding $400,000.
On a broader scale, there is intensified momentum toward implementing a global minimum tax on billionaires. Proponents argue that international standards are essential to curtail tax avoidance schemes and ensure equitable contributions from the wealthiest individuals worldwide.
Public Opinion and Political Landscape
Public sentiment in the United States generally supports increased taxation on the wealthy and large corporations, with polls consistently demonstrating majority backing. While Democrats largely unify behind these measures, Republican views are more divided; moderate and liberal Republicans show more openness to tax hikes than their conservative counterparts.
Implications for Economic and Democratic Stability
Advocates argue that raising taxes on the ultra-rich is vital for curbing economic inequality, which threatens social cohesion and democratic institutions. Concentrated wealth, they warn, can translate into disproportionate political influence, undermining democratic processes. Furthermore, increased tax revenues could revitalize public services and promote long-term economic stability.
This emerging movement reflects a global trend favoring more progressive taxation. As governments and influential private citizens push for reform, the evolving tax landscape may significantly reshape fiscal policy priorities worldwide in the years ahead.