A group of nearly 20 wealthy Americans on Monday released a letter asking for all 2020 presidential hopefuls to support a “moderate wealth tax” on the richest one-tenth of the richest 1 percent of Americans.
“America has a moral, ethical and economic responsibility to tax our wealth more. A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms,” the letter says, as published by The New York Times.
“Instituting a wealth tax is in the interest of our republic,” it continues.
The document is signed by financier George Soros, Facebook co-founder Chris Hughes, heirs like Abigail Disney and others.
The letter calls for the tax revenue to be used in “smart investments for our future,” including addressing climate change, providing student loan debt relief and universal child care, modernizing infrastructure and providing tax credits for low-income families.
Here’s the thing… there is nothing stopping these folks from liquefying their assets and cutting a check to the Treasury Department. But that’s not what they want. They want to tax YOUR accumulated wealth. If you think that they are going to stop at just taxing the top tenth of one percent, you’re nuts. Remember that when the income tax was implemented in 1913, it only taxed people making over $20,000 per year (at 1%, no less). That’s would be people making over $507,000 in today’s dollars. That is, conveniently, less than 1% of income earners in today’s America.
Then, over time, the threshold was lowered and the rates increased. The people who wrote this letter aren’t stupid. They know that. What they want is a wealth tax to be implemented so that it can be eventually expanded to include anyone with any accumulated wealth. It will never end with just the super rich paying it. They are just drying to open the door on a wealth tax by appealing to people’s envy.