I’m Djaffar Shalchi, founder of Millionaires for Humanity & Human Act and I’ve seen the stark reality of wealth disparity firsthand. I’ve built a successful business, and I’m grateful for the opportunities I’ve had. But I’m also deeply concerned about the growing gap between the ultra-rich and everyone else. It’s not just a moral issue; it’s an economic ticking time bomb. That’s why I’m convinced that a wealth tax to fund Universal Basic Income (UBI) is not just a good idea – it’s a necessity.

The System is Rigged, and We Know It

Let’s be honest, the current system is rigged. We, the wealthiest, benefit from tax loopholes and investment strategies that are simply unavailable to the average person. We accumulate fortunes while millions struggle to make ends meet. It’s not sustainable, and it’s certainly not just. We need to acknowledge that our success doesn’t exist in a vacuum. It’s built on the backs of workers, consumers, and a society that provides the infrastructure for our businesses to thrive.

Why a Wealth Tax? Because It's Time to Pay Our Fair Share

Some of my peers will balk at the idea of a wealth tax. They’ll cry about “punishing success” or “capital flight.” But I see it differently. It’s about recognizing our responsibility to contribute proportionally to the society that made our success possible.

• Funding UBI: An Investment in Our Future:
  
  • UBI isn’t charity. It’s an investment in our collective future. It provides a safety net for those struggling to survive, freeing them to pursue education, start businesses, and contribute to their communities.
  • As business owners, we know that a healthy economy depends on a strong consumer base. UBI puts money directly into the hands of those most likely to spend it, boosting demand and creating jobs.
• Breaking the Cycle of Inherited Privilege:
  
  • Too often, wealth is passed down through generations, creating a system of inherited privilege. A wealth tax helps to level the playing field, giving everyone a chance to succeed based on their own merit.
• Preparing for the Age of Automation:
  
  • Automation is rapidly transforming our economy, displacing workers and creating new forms of inequality. UBI, funded by a wealth tax, provides a crucial safety net for those whose jobs are lost to technology.
• Simplifying Our Social Safety Net:
  
  • Our current welfare system is a bureaucratic nightmare. UBI offers a simpler, more efficient way to provide basic support, freeing up resources for other essential programs.

Addressing the Concerns about a Wealth Tax– We've Heard Them Before

Yes, there will be challenges implementing a wealth tax. Valuation of assets, potential capital flight, and the usual arguments about disincentives. But these are solvable problems. We’re not talking about confiscating wealth; we’re talking about a reasonable tax on accumulated assets. And let's be real, if we can build multibillion-dollar companies, we can create a system that can accurately value assets, and stop tax evasion.

It's Time for Real Change

I believe that a wealth tax to fund UBI is a bold and necessary step toward creating a more just and equitable society. It’s not about taking from the rich; it’s about investing in the future of us all. It's about building a world where everyone has the opportunity to thrive, not just survive. And I, for one, am willing to bet my fortune on it.

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UBI4ALL has partnered up with Millionaires for Humanity to advocate for progressive wealth taxes to help finance Universal Basic Income (UBI) and address economic inequality. Subscribe to the Millionaires for Humanity newsletter here.