A group of wealthy Americans have written an open letter to the 2020 presidential candidates in support of a wealth tax.

The letter is signed by 20 individuals including philanthropist George Soros, Facebook’s co-founder Chris Hughes, Disney heiress Abigail Disney and Blue Haven Initiative co-founders Liesel Pritzker Simmons and Ian Simmons.

The signatories claim ‘America has a moral, ethical and economic responsibility to tax our wealth more’.

The letter states: ‘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 1/10 of the richest 1% of Americans — on us’. ‘The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.’

The group outlined six key reasons why they are in favour of a wealth tax, including using it to fight climate crisis, boosting the economy, improving public health and strengthening freedom and democracy.

‘It’s time for us who are blessed with unusual financial success or luck to contribute more to our common good and common future,’ Liesel Pritzker Simmons told the BBC. ‘The best way that we in this fortunate bubble can contribute is that we want to be taxed more.’

While the letter refers to arguments against a wealth tax, the signatories claim these are mostly technical and often overstated. The letter further shows that polls indicate that higher taxes for the wealthy is politically popular.

Read the full letter here: medium.com