Mega-Wealthy American Billionaires Sign Open Letter Calling for 'Moderate Wealth Tax'

Abigail Disney attends the 73rd Annual Tony Awards at Radio City Music Hall

Abigail Disney attends the 73rd Annual Tony Awards at Radio City Music Hall

They're an eclectic bunch - some of the nation's most privileged heirs alongside entrepreneurs who have made spectacular fortunes in real estate, finance and Silicon Valley.

Billionaires George Soros, Facebook co-founder Chris Hughes, and heiress Abigail Disney want to pay higher taxes.

Enthusiasm for a wealth tax on the U.S.'s thin sliver of multimillionaires and billionaires may be unsurprising - after all, most Americans would not have to pay it.

In a letter address to "all 2020 presidential candidates" and published online Monday, the group declared that "the next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans".

The ultra-rich Americans signed a letter addressed to all 2020 presidential candidates that was published on Monday.

She is part of the Pritzker family, the founders of one of the country's largest private companies, which included the Hyatt hotel chain.

A desire to curb the rising concentration of wealth has always been part of the Democrats' core message, but a Republican tax bill in 2017 that delivered the biggest benefits to Americans with the highest incomes reinvigorated the debate. "These are conversations that have been had in the past, but now the time is right", she said.

It praised a proposal by Senator Elizabeth Warren that would lift taxes on those with more than $50 million in taxes, a measure expected to affect the 75 000 wealthiest families.

The group listed Democrats Elizabeth Warren, Pete Buttigieg and Beto O'Rourke as among the candidates supportive of the idea.

The wealth tax isn't embraced by all Democrats, though, with some arguing it would be hard to objectively assess the value of wealth like artwork and jewels or illiquid assets.

A wealth tax could help deal with problems like the 'lack of child care, educational debt, the opioid crisis and the climate crisis. France, Sweden and Germany are among those that backed away from the levy because of the difficulties implementing them. Hanauer also signed the latest letter. Disney, whose grandfather and great-uncle founded Walt Disney Co., recently called Chief Executive Officer Bob Iger's $65.6 million compensation package "insane".

In recent months, Democrats including Rep. Alexandria Ocasio-Cortez of NY and Sen.

He added: "If we don't do something to fix the glaring inequities in this economy, the pitchforks are going to come for us".

"If we don't do something like this, what are we doing, just hoarding this wealth in a country that's falling apart at the seams?" Pritzker Simmons said. "That's not the America we want to live in".

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