02/28/2021

Incredible but true: American billionaires ask for a tax on their wealth

2 min read
Nineteen of the richest individuals in the United States wrote a letter asking for a federal wealth tax.
Billionaires-in-UNited-States

Nineteen of the richest individuals in the United States wrote a letter asking for a federal wealth tax.

According to the Infobae note the financier George Soros, the heiresses Regan Pritzker and Abigail Disney and the co-founder of Facebook Inc., Chris Hughes, are some of those who argue in favor of the lien.

Among the reasons signers point out for a wealth tax are the financing of environmental initiatives and responses to climate change, the promotion of economic growth and the financing of public health.

“United States has a moral, ethical and economic responsibility to tax our wealth more,” the super-millionaires pointed out in their letter.

“We write to ask all candidates for the presidency, be they Republicans or Democrats, to support a moderate tax on wealth on the fortune of the richest tenth of the richest 1% of Americans, on us,” they say. a letter signed by 19 people, one of them anonymous, and published on the internet on Monday.

According to the letter, a tax on wealth is “fair, patriotic and would strengthen democracy in the country by reducing inequality.”

Those who signed the letter address “all candidates, whether they be Democrats or Republicans,” and do not mention any in particular.

The letter focuses on the tax plan presented by Massachusetts Sen. Elizabeth Warren, who ranks in the top five in opinion polls about Democratic presidential hopefuls.

The plan exempts from taxes the first US $ 50 million in assets, but includes a tax of 2% on the fortunes that exceed US $ 50 million, and increases the rate to 3% on assets of more than US $ 1,000 million.

According to the public letter, this would affect some 75,000 families in a country of more than 327 million inhabitants.

The newspaper The Hill, which covers mainly the news of the Congress, found in a survey that 74% of the Americans supports a plan like the one that Warren proposes and that also has the endorsement of the investor Warren Buffett.

Democratic presidential candidates Elizabeth Warren, Pete Buttigieg and Beto O’Rourke support the idea, according to the letter. It is estimated that the proposal could generate close to US $ 3 billion in tax revenues for 10 years.

Not all Democrats accept the wealth tax because many believe that it would be difficult to objectively evaluate the value of wealth such as art and jewelry. There is also concern that such a tax is unconstitutional because the federal government is prohibited from taxing property, and can only collect from income.

With information from Infobae

Leave a Reply

Your email address will not be published. Required fields are marked *