families are among a number of the world’s wealthiest business leaders to have signed a letter calling for a new U.S. wealth tax.
Soros and the other signatories claim that a tax of 2 cents on the dollar on assets over $50 million, and an additional tax of 1 cent on the dollar on assets over $1 billion, could generate $3 trillion in tax revenue over ten years.
Presented as a “call to action,” the letter addresses the growing gap between the world’s wealthiest and argues that millions of middle-income Americans already pay a wealth tax in the form of property taxes on their primary form of wealth—their home. Although described as nonpartisan and not an “endorsement of any presidential candidate,” the letter names Senator Elizabeth Warren, Mayor Pete Buttigieg, and Representative Beto O’Rourke, as supportive of the wealth tax idea. The letter does not mention Senator Bernie Sanders.
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