We 'enjoy uncommon fortunes, but each of us wants to live in an America that solves the biggest challenges of our common future,' notes the plea.
Nineteen U.S. billionaires are calling for a new wealth tax on their holdings to battle income inequality in the nation and boost public revenue to make America a better place.
“Instituting a wealth tax is in the interest of our republic .... The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.” They argue that the money raised — about $3 trillion over 10 years — could “substantially fund” investment in programs including clean energy, universal child care, infrastructure overhauls and tax relief for low-income families.
Warren has proposed a 2% marginal tax on assets beyond the first $50 million and a further 1% on assets worth more than $1 billion. She estimates that such a tax would affect just 75,000 families.
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