Sunday, 21 July, 2019

Backing higher taxes: 'Tax us more,' US billionaires say

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, a Facebook co-founder, and a Disney heiress are among billionaires asking US politicians to..
Patty Aguilar | 26 June, 2019, 03:29

The letter proposes a tax on the wealthiest 0.1% of Americans that could help to combat climate change, boost the U.S. economy, improve people's health, promote fairness, and reduce inequality.

They addressed their proposal to all 2020 presidential candidates, but specifically pointed to a plan put forward by Democratic 2020 contender Senator Elizabeth Warren of MA.

"The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans", they wrote. "That's why I'm signing this Open Letter", Ms Pritzker Simmons said on Twitter. He shelled out almost $19 million in 2018, making him the 8th most generous donor of the cycle, and sent millions to major Democratic-aligned groups such as Priorities USA Action and Senate Majority PAC.

The letter came as Americans for Tax Fairness Action Fund on Monday launched a website detailing the tax proposals of each Democratic presidential candidate.

"We thought it would be a good idea", Ian Simmons, whose family started the Montgomery Ward department store chain, told the New York Times.

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

According to a February report from the Washington Post, 61 per cent of respondents in a United States poll backed the idea of a wealth tax, with the article suggesting the policy was a rising trend among USA voters.

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A poll this year from Morning Consult found that over 63 percent of American voters - including 78 percent of Democrats and 46 percent of Republicans - think the wealthy pay too little in taxes. "The utter failure of the Trump-GOP tax cuts to live up to the promises of more jobs and higher wages has given the candidates an opening to propose major tax increases as part of their campaign platforms".

At basically every level―local, state, federal―the tax codes in the US help the already-wealthy get even richer.

It proposes a levy on the "richest 1/10 of the richest 1% of Americans".

"It is a win-win for the American people, an idea no conventional politician would have the guts to put forward".

The 18 signatories urged political leaders to support a wealth tax on the richest one-tenth of the richest 1 per cent of Americans: "On us". "But here again, some of the country's most prominent constitutional scholars-including two former heads of the Office of Legal Counsel at the Department of Justice - have argued convincingly that a wealth tax is constitutional".

The same data projected the bottom 99 per cent of households would pay a higher percentage of 7.2 per cent.

"Taxing extraordinary wealth should be a greater priority than taxing hard work". Berkshire Hathaway CEO Warren Buffett famously said he believed it was wrong that his income was taxed at a lower rate than that of his secretary.

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