“Being more taxed. » When listing her good resolutions for 2024, Marlène Engelhorn abandoned the classic “play sports” or “spend more time with loved ones” for a wish that was a little more original. After the death of her grandmother, whose inheritance is estimated at 4.2 billion dollars, the (very) rich Austrian thirty-something decided to make good fortune from her heart. “Paying taxes is the most democratic thing there is, and we can be proud of it. It finances everything that guarantees the structure of society,” she said. And just to guarantee the company a “structure” in hardened steel, Marlène Engelhorn therefore launched Tax me nowa sort of league of young rich people wishing to pay more taxes.
While, according to the latest Oxfam report “Multinationals and global inequalities”, published this Monday, billionaires have never been so numerous, and so rich, with 3,300 billion dollars more in three years, the youngest among They say they are ready to queue at the tax office to pay more taxes. But then, have the rich under 40 become the saviors of humanity? 20 minutes make the point.
What is this “Tax me now”, these young rich people who want to give away their money?
Seeing billionaires play the role of grand prince after having accumulated billions is nothing new. In 2022, Jeff Bezos, at the head of the Amazon empire, promised to give ten billion to… his own association, the Bezos Earth Fund, to fight the climate crisis. Bill Gates doubled the stake the same year, donating 20 billion to his foundation, Bill & Melinda Gates. The fact remains that these are rich young people this time who seem to come together as a community to be generous. We have already mentioned Tax me now, in Germany and Austria, this movement which brings together 59 millionaires and billionaires. In the United States, Patriotic Millionaires brings together more than 250 people whose annual income exceeds one million dollars. In Canada and Quebec, it is Ressources en Mouvement, which defines itself as “a community of young people with wealth or class privilege who work for the redistribution of land, wealth and power”. Because youth must tax themselves…
How can we explain this trend among young rich people?
Anne Monier, researcher at the philanthropy chair at Essec and teacher at the School of Public Affairs at Sciences Po, notes “the demand for a more collective and community movement. This is a fairly unusual form of mobilization among elites, who often tended to want to go it alone. » “If we can question the real motivation of these millionaires, it is true that there is greater sensitivity among young people, and even rich young people, on ecological questions and on inequalities,” maintains Dominique Plihon. ET the economist and tax policy specialist added: “the new generation is also more aware of the convergence between crises. Climate crisis, fiscal crisis, economic crisis and democratic crisis are intrinsically linked, which pushes the new generation even more to want to change things. »
According to a study by Coldwell Banker Global Luxury, more than one in two millionaires is over 60 years old. An old age which inevitably increases deaths, and therefore the arrival of heirs, such as Marlène Engelhorn. For these specific but increasingly numerous cases “the question of the legitimacy of their fortune arises even more strongly, which can push them to want to give a larger part of it”, analyzes Anne Monier.
Wouldn’t that be a bit hypocritical?
“I find it hard to believe in sincere, selfless philanthropy,” replies Dominique Plihon, conceding that he is perhaps a bit Manichean. For our tax policy specialist, it is mainly “communication to try to extinguish the pressure which is currently mounting in the United States or in Europe to tax billionaires. Public opinion demands it more and more, as do forums from economists and scientists on the subject.”
“By asking to be taxed more, billionaires want to control the problem. They know that it cannot last forever like this, that sticking to a refusal of all taxation would be counterproductive, so they propose themselves, in order to be taxed less than if the population demands it themselves- even,” continues Dominique Plihon. Because between Marlène Engelhorn’s wishful thinking, and what experts point out as a necessity, there is perhaps a gap that the young woman is not about to bridge. “It’s very good news that young billionaires want to be taxed more, the next question is at what rate,” underlines economist Thomas Piketty. Minimum taxes on billionaires at 2% per year are a good start, but to have a real impact, we will quickly have to go up to at least 5% or 10% per year, or even 90% for multi-billionaires.” Still up for it?