Calls for a wealth tax have high support among Americans — including some ultra-wealthy Americans.
In an open letter to 2020 presidential candidates published Monday, a group of ultra-wealthy Americans including George Soros, Abigail Disney and members of the Pritzker and Gund families expressed their support for a moderate wealth tax on the 1%.
“America has a moral, ethical and economic responsibility to tax our wealth more,” a copy of the letter published by The New York Times states.
As outlined in the letter, the signatories support the wealth tax for six reasons. Those include funding environmental initiatives and solving America’s climate crisis; fueling economic growth; and providing funding for public health care. In addition, a wealth tax is fair, patriotic, and would strengthen our democracy by reducing inequality, according to the letter.
The letter’s authors avoid endorsing a particular candidate but focus on the tax plan of Senator Elizabeth Warren. In that plan, wealthy families would not be taxed on their first $50 million worth of assets but would pay 2% on assets above the $50 million threshold and 3% on assets over $1 billion. Approximately 75,000 families would be impacted, according to the letter.
Warren’s tax plan has the support of 74% of Americans, a 2019 survey published by The Hill found. A wealth tax also has the support of billionaire investor Warren Buffett. While not a signatory on the letter, Buffett penned an editorial for The New York Times in 2011 in support of a wealth tax.