A group of U.S. billionaires has proposed to lawmakers the notion of taxing the wealthy more to help the nation’s economy.
According to the Daily Mail, billionaire liberal activist George Soros is one of those people.
What are the details?
The group — featuring 19 billionaires — penned and signed a letter addressed to candidates in the 2020 presidential election.
The letter calls on the government to increase taxes on the wealthy to positively impact the economy, provide tax relief for the low-income, student loan relief, clean energy, subsidized child care, infrastructure, and more.
The letter opens, “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[.]”
The letter’s signatories also include filmmaker Abigail Disney and Facebook co-founder Chris Hughes. Other signees include Louise Bowditch, Robert Bowditch, Sean Eldridge, Stephen English, Agnes Gund, Catherine Gund, Nick Hanauer, Arnold Hiatt, Molly Munger, Regan Pritzker, Justin Rosenstein, Stephen Silberstein, Ian Simmons, Liesel Pritzker Simmons, Alexander Soros, and Anonymous.
Another part of the lengthy letter reads, “America has a moral, ethical, and economic responsibility to tax our wealth more. Taking on this tax is the least we can do to strengthen the country we love. Instituting a wealth tax is in the interest of our republic.”
According to the outlet, “the tax could generate nearly $3 trillion in revenue over 10 years.”
Ian Simmons, co-founder of the Blue Haven Initiative and one of the letter’s authors, told The New York Times, said that the proposal is just good sense.
“We thought it would be a good idea,” Simmons told the publication.
Why did they write the letter?
The letter divulges six key reasons why such taxing could be beneficial.
The six points include:
- A Wealth Tax Is a Powerful Tool for Solving Our Climate Crisis
- A Wealth Tax Is an Economic Winner for America
- A Wealth Tax Will Make Americans Healthier
- A Wealth Tax Is Fair
- A Wealth Tax Strengthens American Freedom and Democracy
- A Wealth Tax Is Patriotic
You can read the full letter here.