A Group Of Super Wealthy Americans Pen An Open Letter To POTUS Aspirants “It’s Time to Tax Us More” 

Swarajya StaffWednesday, June 26, 2019 4:45 am IST
Sen. Elizabeth Warren speaking at an event in Las Vegas, Nevada. (Ethan Miller/Getty Images)  
Sen. Elizabeth Warren speaking at an event in Las Vegas, Nevada. (Ethan Miller/Getty Images)  

A group of nearly 20 ultra-rich US billionaires including hedge fund investor George Soros, Facebook co-founder Chris Hughes, Disney heiress Abigail Disney, philanthropist Agnes Gund and real estate developer Robert Bowditch have written an open letter calling for a “moderate” tax on assets of the wealthiest 0.1 per cent in the US. Letter comes in the backdrop of the issues of economic inequality emerging as a big issue in the upcoming 2020 presidential election.

The letter, while describing itself as "nonpartisan" and not "an endorsement of any presidential candidate," lists Democratic candidates Elizabeth Warren, Beto O'Rourke and Pete Buttigieg as candidates who have already supported a wealth tax.

“ We are writing to call on all candidates for President, whether they are Republicans or Democrats, to support a moderate wealth tax on the fortunes of the richest 1/10 of the richest 1% of Americans — on us. The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.” the billionaires wrote in the letter.

“America has a moral, ethical and economic responsibility to tax our wealth more,” the letter posted in blog site Medium note. “A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity and strengthen our democratic freedoms.” the letter added.

One of Democratic contenders for the Presidential nomination Senator Elizabeth Warren has come out with a proposal of levying a wealth tax on Americans with more than $50 million in total assets. The proposal calls for a 2 percent tax on Americans with more than $50 million in assets and a 3 percent tax on those with more than $1 billion in assets, on top of the income tax they already pay. The Warren wealth tax, her supporters claim, will raise $2.75 trillion over ten years and would affect just 0.1 percent of the population, or 75,000 families.

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