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June 24, 2019 06:00 pm PDT

America's super-rich write to Democratic presidential hopefuls, demanding a wealth tax

18 of the richest people in America have sent a letter to all the candidates for the 2020 Democratic presidential nomination, demanding that their election platform include a annual wealth tax on the largest American fortunes, something advocated by economist Thomas Piketty in his blockbuster book Capital in the 21st Century and subsequently integrated into Elizabeth Warren's campaign platform (with Piketty's endorsement).

The letter's signatories include a few super-rich people who amassed their own fortunes (like George Soros and Facebook co-founder Chris Hughes), but many of the remaining signatories are heirs to vast wealth that they did nothing to earn, including Disney heiress Abigail Disney (who has been admirably public on the subject already) and Molly Munger (daughter of Bershire Hathaway chairman and Warren Buffet mentor Charlie Munger). One signatory chose to remain anonymous.

Polls show that a moderate tax on the wealthiest Americans enjoys the support of a majority of AmericansRepublicans, Independents, and Democrats.[i] We hope that candidates for President will also recognize the force of the idea and join with most Americans in supporting it. Some ideas are too important for America to be part of only a few candidates platforms.

The concept of a wealth tax isnt new: Millions of middle-income Americans already pay a wealth tax each year in the form of property taxes on their primary form of wealththeir home. The kind of moderate tax on the richest 1/10 of 1% that we support just asks us to pay a small wealth tax on the primary source of our wealth as well.

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Original Link: http://feeds.boingboing.net/~r/boingboing/iBag/~3/_KhLi2B11Dg/pay-now-or-pay-later.html

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