George Soros among billionaires asking for wealth tax

Abigail Disney speaks on stage during a PBS panel at the 2016 Television Critics Association Winter Press Tour at Langham Hotel on Jan. 18 2016 in Pasadena

George Soros among billionaires asking for wealth tax

In a letter published Monday, the 19 signatories say that the us has "a moral, ethical and economic responsibility to tax our wealth more" as part of a national effort to strengthen democracy, boost the economy, improve health care and address climate change.

"We thought it would be a good idea", Simmons explained by phone as he waited out a traffic jam in the Boston area. When the results are broken down by political affiliation, 50 per cent of the Republican voters support a wealth tax, compared with almost three-quarters of Democrats.

The trio joined more than a dozen other ultra-rich Americans in signing a letter addressed to all 2020 presidential candidates that was published on Monday.

The billionaires highlighted the need to address the growing wealth gap between the richest 1% in the USA and the majority of its citizens. The letter highlights Sen.

Senator Elizabeth Warren's proposal would generate almost US$3 trillion in tax revenue over 10 years, they said.

In an open letter to 2020 presidential candidates of all parties Monday, a group of billionaires active in progressive organizations called for implementing a wealth tax on the richest Americans and outlined the wide range of political, social, and economic benefits of doing so.

They cited a proposal by Warren for a 2% tax on assets of $50 million or more, and another 1% on assets exceeding $1 billion. Earlier this year, Disney criticised The Walt Disney Co in a comment in The Washington Post, calling attention to chief executive Bob Iger's compensation last year of US$65m, which amounts to more than 1400 times the median pay of a Disney worker. Bernie Sanders of Vermont have offered up ambitious tax proposals targeted at wealthy taxpayers. "These are conversations that have been had in the past, but now the time is right", she said. "It is a key to both addressing our climate crisis, and a more competitive, stronger economy that would better serve millions of Americans".

"America has a moral, ethical and economic responsibility to tax our wealth more", they wrote.

She is part of the Pritzker family, the founders of one of the country's largest private companies, which included the Hyatt hotel chain. A wealth tax would help solve the "climate crisis", it would be an "economic victor for America" and it is fair and patriotic, according to the letter.

The group are calling for a tax on the wealthiest 0.1% of Americans that could help to combat climate change, boost the United States economy, improve people's health, promote fairness, and reduce inequality.

European countries have experienced mixed results with a wealth tax.

Signatories include investor George Soros, Facebook's co-founder Chris Hughes, and Molly Munger, daughter of billionaire Charlie Munger.

He added: "If we don't do something to fix the glaring inequities in this economy, the pitchforks are going to come for us".

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