George Soros, Chairman of the Soros Fund Management, LLC Oversight and Government Reform Full Committee on regulation of hedge funds at the Rayburn Building The Capitol Washington (Credit: Carrie Devorah/WENN)
In a public letter released on Monday, a group of 19 wealthy Americans requested that all 2020 candidates endorse a “moderate wealth tax” on the top tenth of the richest 1% of the country.
“America has a moral, ethical and economic responsibility to tax our wealth more. A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms,” says the letter, which was published in the New York Times. “Instituting a wealth tax is in the interest of our republic,” it continues.
The letter, which is signed by billionaires such as George Soros, Abigail Disney and Chris Hughes, calls for the tax revenue to go towards projects that would have long-term benefits for the country. Some areas which the letter calls for funding to go to include climate change research, student-loan debt, universal child care and tax credits for the poor.
In the six “key reasons” for taxing the rich outlined in the document, the group claims that it is their duty to use their vast wealth to better the entire country. “In our republic, it is the patriotic duty of all Americans to contribute what they can to the success of the country, and the wealthiest are no exception. Others have put far more on the line for America. Those of us in the richest 1/10 of the richest 1% should be proud to pay a bit more of our fortune forward to America’s future. We’ll be fine — taking on this tax is the least we can do to strengthen the country we love,” the letter states.
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The request points to similar ideas espoused by Democratic candidates such as Sen. Elizabeth Warren (D-Massachusetts), who proposes that only the “75,000 of the wealthiest families in the country” should be taxed. The letter also mentions Mayor of South Bend, Indiana, Pete Buttigieg, and former Rep. Beto O’Rourke (D-Texas) as being strong supporters of taxing the wealthy.
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