Soros leads call from billionaires for introduction of wealth tax

Billionaire investor and philantropist George Soros is leading a call from other billionaires and heiresses including Regan Pritzker and Abigail Disney to have the government introduce a "moderate" tax on wealth in order to address income inequality, climate change and public health issues.

“We are writing to call on all candidates for President, whether they are Republicans or Democrats, to support a moderate wealth tax on the fortunes of the richest one-tenth of the richest 1% of Americans -- on us,” read a letter signed by 19 individuals and posted online Monday.

“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. 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.”

Democratic presidential candidates Elizabeth Warren, Pete Buttigieg and Beto O’Rourke support the idea, according to the letter.

Elizabeth Warren had already proposed a 2% tax on assets of $50.0m or more, and of a further 1.0% on assets over $1.0bn, which might generate around $3.0trn in tax revenue over 10 years.