George Soros, other ultrarich urge tax on top 0.1% in a letter to 2020 candidates

Joshua Bote

A letter signed by nearly 20 of the "richest 1/10 of the richest 1% of Americans" calls for 2020 presidential candidates to create a wealth tax on them and their ultrarich peers.   

The 18 names on the letter published Monday include investor George Soros, filmmaker Abigail Disney, Facebook co-founder Chris Hughes, philanthropist Agnes Gund and real estate developer Robert Bowditch, among other members of the ultrawealthy. A 19th simply signed as "Anonymous." Many of them have been outspoken before on the issue of wealth taxes.

"America has a moral, ethical and economic responsibility to tax our wealth more," they write in the letter, which was first reported by The New York Times. "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 describes itself as "nonpartisan" and not "an endorsement of any presidential candidate," though it lists Democratic candidates Elizabeth Warren, Beto O'Rourke and Pete Buttigieg as candidates who have already supported a wealth tax.

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In particular, they cite Warren's proposed policy – which would tax 75,000 of the wealthiest families in the country at a 2% rate – as a model for a policy that they endorse.

"That a moderate tax on a minuscule number of Americans could raise so much revenue simply reflects historic levels of wealth among America’s richest," they add.

The letter arrives the same day as a student loan debt proposal announced by Bernie Sanders, which would eradicate $1.6 trillion in debt from 45 million Americans.

Sanders said his plan would be funded by a "Robin Hood Tax" that would impose a 0.5% tax on stock trades, a 0.1% fee on bonds and a 0.005% fee on derivatives. 

Contributing: William Cummings

This article originally appeared on USA TODAY: George Soros, other ultrarich urge tax on top 0.1% in a letter to 2020 candidates