Description: Billionaires and mere millionaires head for Davos this time of year for the World Economic Forum. This year though, some of those members of the wealthy elites are making the rather unusual request that their taxes be raised. An American group called Patriotic Millionaires is seeking a form of global changes to help shrink the gap between the super-rich and the rest of us. So far it appears that their fellow guests have not been rushing to join the movement.

Date:  January 23, 2020

Source:  cbc.ca

Link: https://www.cbc.ca/news/business/bank-canada-poloz-1.5436058

Discussion points:

1) Were you surprised by this story?

2) What do you think should be the highest marginal tax rate on high earners?

3) Wiley’s Advanced Accounting discusses the principles of preparing government financial statements. Where would personal income tax revenues show up in government financial statements?