Group of Billionaires Call for Wealth Tax, Pens Open Letter

A group of the wealthiest people in the United States of America is calling for a wealth tax in the country. According to news sites, these billionaires believe that the wealth tax could help improve the state of inequality and climate change in the country.

Following the call for backing the wealth tax, a number of these wealthy individuals signed the open letter. All in all 19, the notable individuals in the list include Facebook co-founder Chris Hughes, investor George Soros, and Molly Munger, daughter of billionaire Charlie Munger, report BBC.

According to Bloomberg, the signatories include Abigail Disney, a descendant of Walt Disney and heiresses to the Pritzker fortune.

Call for Change

In an open letter, the signatories called for presidential candidates to “support a moderate wealth tax on the fortunes of the richest 1/10 of the richest 1% of Americans – on us.” Considering themselves as part of the problem, the signatories believe that their taxes can help “address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen democratic freedoms.”

Apart from helping enhance these aforementioned sectors with their money, the billionaires also believe that their initiative would help the republic become more effective and trustworthy.

Show of Support

The open letter claims that the proposition already garnered the support of some presidential candidates. These include Representative Beto O’Rourke, Senator Elizabeth Warren, and Mayor Pete Buttigieg.

Prior to the open letter of these wealthiest individuals, Senator Elizabeth Warren already proposed a 2 percent tax on assets that exceed $50 million. For assets that spill over $1 billion, a further 1 percent would be charged. Based on the report released by Bloomberg, this scheme is slated to make almost $3 million in 10 years’ time.