It speaks volumes of how inequitable global tax systems are when the very rich need to implore governments to tax them more heavily (Make us pay more tax, millionaires' group pleads, Jan 20).

While the Covid-19 pandemic has decimated jobs and destroyed economies, driving millions to subsist below the poverty line, other socioeconomic circumstances have resulted in a business climate that has allowed tycoons' fortunes to soar to unprecedented levels.

It makes good business sense for the rich to pay more tax. A few million dollars won't change their lifestyles and, if fairly distributed by governments for the common good, would help sustain a virtuous circle of consumer spending. This leads to far better economic growth than if wealth was concentrated among only the rich.

A whole society uplifted together without the perception that the rich are benefiting at the expense of the masses is a simple and astute recipe for advancement, peace and coexistence.

A "let them eat cake" philosophy by the wealthy engenders resentment which can build up and has historically ended in revolutions, the confiscation of riches and changes of governing systems.

As private housing prices soar, ordinary consumer items become less affordable and standards of living drop. When inflation rears its ugly head, universal murmurs of discontent arise.

The extremely well-heeled cannot afford to ignore the feelings of disenfranchisement perceived by their less fortunate fellow citizens. Will our deep-pocketed local tycoons speak with civic consciousness too?

Yik Keng Yeong (Dr)

Source: https://www.straitstimes.com/opinion/forum/forum-rich-wanting-to-pay-more-tax-a-good-move-for-society