Billionaires to 2020 Presidential Hopefuls: 'America Has a Moral, Ethical, and Economic Responsibility to Tax Our Wealth More'

September 13, 2020 0 By HearthstoneYarns

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.

Published by the New York Times, the letter (pdf) reads in part:

It goes on to highlight polling which shows broad support for a wealth tax, the “vital needs” that revenue generated could help fulfill, and that some of the more than two dozen candidates for the White House already have expressed support for such a measure.

A proposal from Sen. Elizabeth Warren (D-Mass.), for example, “would provide millions of families with a better shot at the American dream by taxing only 75,000 of the wealthiest families in the country” by imposing “a tax of 2 cents on the dollar on assets after a $50 million exemption and an additional tax of 1 cent on the dollar on assets over $1 billion.”