America's Ultra Rich Have a Message for 2020 Candidates




  • In Business
  • 2019-06-24 20:47:10Z
  • By Natasha Bach
 

In 2017, President Donald Trump and the Republican Party passed a tax bill that dramatically lowered taxes for some Americans-and American corporations.

But now some of these same Americans are sending the government a different message: tax us more.

Eighteen Americans, representing some of the wealthiest in the country, published an open letter on Medium on Monday calling on the 2020 presidential candidates to raise taxes on the richest Americans.

"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 letter reads. "The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans."

The "us" includes the likes of George Soros, Abigail Disney, Facebook co-founder Chris Hughes, members of the Pritzker family, and Molly Munger, daughter of Berkshire Hathaway vice-chairman Charlie Munger.

"America has a moral, ethical and economic responsibility to tax our wealth more," the letter continues. "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."

The signers refer specifically to Sen. Elizabeth Warren's wealth tax proposal, while clearly noting that this does not represent an endorsement for the candidate. The proposal would levy a two-cent tax on the dollar on assets over $50 million and an addition 1 cent on the dollar on any assets exceeding $1 billion. The tax would affect an estimated 75,000 families, raising $2.75 trillion over 10 years.

That such a "moderate tax on a minuscule number of Americans," the signers said, could lead to such a dramatic increase in revenue is a reflection of growing income inequality in the U.S. The signers add that the "top 1/10 of 1% of households now have almost as much wealth as all Americans in the bottom 90%," and while they "enjoy uncommon fortunes…[they] want to live in an America that solves the biggest challenges of our common future."

A working paper by the National Bureau of Economic Research echoes this point, finding that the top 0.1% of Americans hold close to 20% of the country's wealth, which is equal to the wealth of the bottom 90%. This is due in no small part to rising income inequality. An analysis of a Federal Reserve report found that between 1989 and 2018 the top 1% saw its total net worth increase by $21 trillion-the bottom 50%, meanwhile, saw its net worth decrease by $900 billion.

As such, the letter's signers explain that they believe that a wealth tax is both fair and patriotic. These two points are among the six listed reasons that the signers note they support a wealth tax. The other reasons include using the revenue from the tax as a tool to combat the climate crisis, because it helps the economy, makes a healthier America, and strengthens American democracy.

Above all, they note that the arguments against "are mostly technical and often overstated." And the people agree: most Americans want the wealthiest among us to pay higher taxes.

More must-read stories from Fortune:

-Trump's MAGA rallies cost big bucks-and cities foot the bills

-Black women voters will be central to the 2020 election, experts predict

-Can Trump fire Fed Chair Jerome Powell? What history tells us

-Alexandria Ocasio-Cortez's message for democrats after "boy bye" tweet

-What you need to know about the upcoming 2020 primary debates

Get up to speed on your morning commute with Fortune's CEO Daily newsletter.

COMMENTS

More Related News

The Latest: Trump claims he was
The Latest: Trump claims he was 'not happy' with chant

President Donald Trump says he "was not happy" when his supporters at a rally Wednesday night in North Carolina chanted "send her back" in reference to Democratic Rep. Ilhan Omar. Trump said this weekend that Omar and other progressive Democratic lawmakers of color should leave the country and "go back and help fix the totally broken and crime infested places from which they came" over their criticism of his administration.

President Trump says US Navy ship destroys Iranian drone in Strait of Hormuz
President Trump says US Navy ship destroys Iranian drone in Strait of Hormuz
  • World
  • 2019-07-18 20:52:00Z

"The Boxer took defense action against the drone which had closed into a very close distance, approximately a thousand yards, ignoring multiple calls to stand down and was threatening the safety of the ship and the ship's crew," Trump said at the White House. "This is the latest of many provocative and hostile actions by Iran against vessels operating in international waters," he continued.

Samantha Bee Shocked Kellyanne Conway Somehow Even
Samantha Bee Shocked Kellyanne Conway Somehow Even 'More Racist' Than Trump

TBSSamantha Bee didn't have time to cover all of President Trump's recent "racisms," instead choosing to zero in on his demand that four freshmen Congresswomen of color go back to the countries "from which they came." "Sadly, the only thing that should surprise anyone is that he wrote 'from which they came' to avoid ending a sentence with a preposition," the Full Frontal host joked. "Way to go, Shakespeare, now return your head to the orifice from which it came." "Of course, it wasn't long before spokes-golem Kellyanne Conway leapt to his defense by somehow sounding more racist than her boss," Bee continued before playing the clip of the White House counselor literally responding to a...

'Unfit to be president': House to consider articles of impeachment against Trump

The House voted to kill a measure seeking to impeach President Donald Trump - the first vote on such a measure since Democrats took the majority and since the release of former special counsel Robert Mueller's report.

MS-13 gang members indicted after
MS-13 gang members indicted after 'medieval-style' killing spree in Los Angeles

Federal racketeering, murder and other charges were filed against 22 alleged MS-13 gang members linked to a series of grisly killings in Los Angeles.

Leave a Comment

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

Cancel reply

Comments

Top News: Business

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.