It’s Time for a Tax on the Super-Rich

On Nov. 18 and 19, the heads of state of the Group of 20 nations will convene in Rio de Janeiro, Brazil, for their 19th annual summit. Issues on the agenda for the international leaders include climate change, social inclusion, and government reform. In this exclusive op-ed, Brian Eno — the celebrated musician, producer, and Rock and Roll Hall of Fame inductee, who is also a member of the advocacy group Patriotic Millionaires — shares his view on one of the most important priorities for the G20 to consider.

Next week marks the meeting of the G20 Heads of State. It is the first time the leaders of these major economies will meet together this year and the first meeting since Donald Trump was reelected.

This is a big deal for all leaders and it is bigger still due to the commitment made in July by the group’s finance ministers to “cooperate on how to tax ultra-high-net-worth individuals.” This commitment was a huge step forward in the effort to make sure we don’t allow the super rich to run away with yet more money, more influence, and more power. It was the first time language on individual wealth, and how we manage this as a problem, appeared in a G20 Communiqué. Recommitting to this is now more important than ever.

We are a week beyond the U.S. election — a major defeat for the Democrats and an unprecedented win for the Republicans. Yet while President-elect Trump might have been democratically elected, the process by which he got there in no way reflects the principle of equality of influence. It must be obvious to everybody that democracy today is far from fair. 

Extreme wealth played a huge role in exerting an influence on political purchase, advertising, and media control in the United States — as it does almost everywhere now. When influencing how an electorate feels, and then votes, these things matter. Take, for example, one of Trump’s biggest campaign donors, Elon Musk. Beyond just holding huge political power through his businesses’ huge government contracts, he owns one of the world’s largest social media spaces, controlling what is promoted there, and which opinions matter most. Musk is a multi-billionaire who has reportedly seen his wealth jump by $26 billion since the election, but his real reward is a role within government where he will be able to exercise even greater power, most likely for the benefit of himself and other ultra rich people like him. Wealth is not about worth: It’s about control. 

But the more important role that extreme wealth plays is in feeding a greater inequality in countries everywhere, including the US. The irony that an ever-richer elite stormed to power (again) on a message of change for ordinary people should not be lost on us. Our politicians have, decade after decade, mostly ignored the lived experience of ordinary people, by not rocking the economic boat, and focusing on GDP and growth as a measure of success. This does not, and will not, wash with people who are watching their slice of the pie shrinking. Governments who believe the politics of playing it safe, so that millionaires and markets will pat them on the head, are now clearly unfit for the job. 

Inequality is a major issue for our countries, and extreme wealth is a problem for everyone. Our economies — and our politics — need a rebalance. There are various solutions to this but the simplest and most efficient thing to do is just to tax the super rich. Poll after poll shows the public want this. Economists know it is necessary. Millionaires like me want it. That’s why I’m taking part in a global effort to remind the G20 Heads of State next week that taxing the super rich is a commitment they need to make. The “Say It With Me” film represents people all over the world saying the same thing — it is time to tax the super rich. 

If I could ask just one thing of the 20 people gathering in Rio next week it would be this: commit, now, to taxing the super rich. Grab the bull by the horns and tackle economic inequality. It’s not radical, it’s just common sense. If you don’t, we will find ourselves at the whim of a few megalomaniacs dressed up as defenders of the people while corrupting our democracies in their own interests. It is your responsibility and your choice. Make the right one.