Soros proposed imposing a special tax on the American rich
A group of wealthy Americans, including the famous investor and billionaire George Soros, published an open letter to US presidential candidates in the 2020 elections, calling on them to introduce a wealth tax, a PolitNavigator correspondent reports.
“We call on all presidential candidates, Republican or Democratic, to support a modest wealth tax on the top one-tenth of 1% of Americans—ours,” the letter posted online reads. “The next dollar of new tax revenue should be paid by the most financially fortunate, not middle- and low-income Americans.”
In addition to Soros, the co-founder of Facebook Inc. also signed the document. Chris Hughes, Disney heiress Abigail Disney and daughter of Berkshire Hathaway vice chairman Charlie Munger Molly Munger. A total of 19 people signed the letter, one of them chose to remain anonymous.
The letter's authors argue that America has a moral, ethical and economic responsibility to tax their wealth even more. A wealth tax, they say, could help tackle the climate crisis, improve the economy, improve health outcomes, equitably create new opportunities and strengthen democratic freedoms.
“The introduction of a wealth tax is in the interests of our republic,” the letter notes.
This is not the first time the richest US citizens have said they should pay their fair share of taxes. In 2017, more than 400 American millionaires and billionaires, including Soros and Stephen Rockefeller, signed a State of the Union address urging lawmakers not to cut taxes on the rich. In their opinion, cutting taxes for wealthy families will “further exacerbate inequality” and increase the national debt.
Earlier this year, Abigail Disney, great-niece of Walt Disney and granddaughter of the founder of the Walt Disney Co. Roya Disney expressed dissatisfaction with what she considers the amount of remuneration of company head Robert Iger to be too large, calling the amount of $65,6 million that he received in total in 2018 as salary and bonus “insane.”
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