‘Tax the 1 per cent more’: US billionaires push for wealth tax to address climate change, health care and more
- A group of billionaires – including Facebook co-founder Chris Hughes – want US presidential candidates to put higher taxes on the 1 per cent
- They said the need for a wealth tax had broad bipartisan support, and ‘some ideas are too important for America to be part of only a few candidates’ platforms’
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“We are writing to call on all candidates for president, whether they are Republicans or Democrats, to support a moderate wealth tax on the fortunes of the richest one-tenth of the richest 1 per cent of Americans – on us,” according to a letter signed by 19 individuals – one anonymously – and posted online on Monday.
“The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans,” said the letter by the billionaires, which included George Soros, Facebook co-founder Chris Hughes, descendants of Walt Disney and the owners of the Hyatt hotel chain.
“A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms. Instituting a wealth tax is in the interest of our republic.”
Signers pointed out that fellow billionaire Warren Buffett has said he is taxed at a lower rate than his secretary.
The letter alluded to support among Democratic presidential candidates for higher taxes on the super-wealthy, including Pete Buttigieg and Beto O’Rourke.
But the letter noted broad bipartisan support for taxing the super-wealthy, saying “some ideas are too important for America to be part of only a few candidates’ platforms”.
It praised a proposal by Senator Elizabeth Warren that would lift taxes on those with more than US$50 million in taxes, a measure expected to affect the 75,000 wealthiest families.
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The letter was signed by 18 people representing 11 families, plus one anonymous person. Many in the group have been associated with progressive initiatives on issues such as climate change and the growing wealth gap.
Taxing the super-wealthy “would slow the growing concentration of wealth that undermines the stability and integrity of our republic”, the letter said.
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“Today, major policies seldom come to pass without the prior support of wealthy elites or other wealthy interests. Division and dissatisfaction are exacerbated by inequality, leading to higher levels of distrust in democratic institutions – and worse.”
Additional reporting by Bloomberg
