Group of billionaires in the US shocks lawmakers by asking to be taxed even more heavily to boost the nation’s finances
- George Soros and Facebook co-founder Chris Hughes are among the signatories
- They call for an increase in wealth taxes to fund investment in many sectors
- Conservatives said they could simply write a big cheque to the taxman
A group of billionaires have been condemned in the US for backing a wealth tax on the super-rich.
Conservatives said they could simply write a big cheque to the taxman without any new legislation.
The Left-wing financier George Soros, Facebook co-founder Chris Hughes and heiress Abigail Disney are among 19 signatories to an open letter to candidates in the 2020 US presidential election.
A group of billionaires in the US including George Soros have been condemned for backing a wealth tax on the super-rich
The letter calls for an increase in taxes on the wealthy to fund new investment in sectors including clean energy, universal childcare, student loan debt relief, improvements in infrastructure, and tax relief for low-income families.
It says: ‘America has a moral, ethical and economic responsibility to tax our wealth more,’ the letter urges.
‘Taking on this tax is the least we can do to strengthen the country we love. Instituting a wealth tax is in the interest of our republic.’
Conservative commentator Laura Ingraham tweeted: ‘If these billionaires think they pay too little in taxes, why not just send more money to the IRS?’
It is estimated the tax could generate nearly $3 trillion in revenue over 10 years.
The conscience-stricken billionaires suggest the tax be imposed on the richest 0.1 percent Americans.
Conservative commentator Laura Ingraham tweeted: ‘If these billionaires think they pay too little in taxes, why not just send more money to the IRS?’
Among the signatories are Louise J. Bowditch, Robert S. Bowditch, Abigail Disney, Sean Eldridge, Stephen R. English, Agnes Gund, Catherine Gund, Nick Hanauer, Arnold Hiatt, Chris Hughes, Molly Munger, Regan Pritzker, Justin Rosenstein, Stephen M.Silberstein, Ian T. Simmons,Liesel Pritzker Simmons, Alexander Soros, George Soros, and Anonymous