A group of wealthy individuals, including financier George Soros Opens a New Window., are asking for lawmakers to raise their taxes Opens a New Window..
In an open letter addressed to 2020 presidential hopefuls on Monday, the group asked candidates from both sides of the aisle to support “a moderate wealth tax on the fortunes” of the richest one-tenth of the richest 1 percent of Americans.
“America has a moral, ethical and economic responsibility to tax our wealth more,” the letter, which was first published in The New York Times, read. “Those of us signing this letter enjoy uncommon fortunes, but each of us wants to live in an America that solves the biggest challenges of our common future.”
The revenue could be used to address climate change, improve health care, education and the U.S. economy, they said. It would also slow a growing concentration of wealth.
In addition to Soros and his son Alexander, Disney heiress Abigail Disney, Molly Munger (daughter of businessman Charlie Munger) and Facebook co-founder Chris Hughes also signed the letter.