American billionaires know where to find the cash to correct climate change, the public infrastructure crisis, and other pressing societal problems: their own pockets.
Now, in an open letter published on Medium, they’re asking the federal government to take more of their money.
On Monday, George Soros, Abigail Disney, Facebook co-founder Chris Hughes and several other members of the illustrious “3 Comma Club” released an open letter on Medium pleading for “a moderate wealth tax” on the richest 1/10 of 1 percent of Americans.
Billionaires believe America is in trouble
The letter proposes a “wealth tax” that would be levied against any American household with more than $50m (this is NOT an income tax).
Based on this plan — which resembles proposals made by Democratic presidential candidates Elizabeth Warren, Pete Buttigieg and Beto O’Rourke — roughly 75k families would owe 2 cents for every dollar they have over $50m.
Hughes, Soros and company suggest the wealth tax could help: (1) solve climate change; (2) improve America’s economy; (3) improve public health; (4) reduce income inequality; (5) strengthen democracy; (6) and boost patriotism.
Warren Buffett, O.G. tax fan
Billionaires have made similar requests before: Warren Buffett asked for higher taxes on Americans who made more than $1 million in 2011 (and again in 2015), and Bill Gates did it in 2018.
Despite support from President Barack Obama, the so-called “Buffett Rule” was never passed. And Buffett had to give his money away. He donated $3.4 billion in Berkshire Hathaway stock last year.