19 billionaires tell 2020 candidates to tax them more to protect America

Billionaires call on 2020 candidates to tax them more to protect America

Credit: David Edwards/MediaPunch /IPX

Last night 19 American billionaires published an open letter calling on the Presidential candidates in 2020 to tax them more.

The letter was not an endorsement of any candidate. It simply calls on them to “support a moderate wealth tax on the fortunes of the richest 1/10 of the richest 1% of Americans”.

It says new tax revenue should not come from middle-income and lower-income Americans but instead from “the most financially fortunate”.

“Instituting a wealth tax is in the interest of our republic,” it said.

The letter is signed by financier George Soros and his son Alexander Soros, Facebook co-founder Chris Hughes and heiress Abigail Disney among others.

EXCERPTS:

A Wealth Tax Is Patriotic. 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.”

“A Wealth Tax Is an Economic Winner for America. It would be a powerful instrument for greater economic growth and success. Reinvested both across America and among those less wealthy than ourselves, a wealth tax would extend prosperity. Along with resources for climate crisis investments, America needs a revenue source for other public investments in addition to private investment and philanthropy. Greater public investment in America’s aging infrastructure, child care, and education will not only solve important problems but will also increase productivity in the long run and promote sustained and broad-based economic growth.”

Read the full letter here (PDF)

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