Whenever billionaires demand to be taxed more, the obvious question is: Why not just send a check to the government? They have the resources to ensure the Treasury gets the check and allocates the funds to some wealth redistribution scheme.
But left-leaning billionaires just want to virtue-signal without actually identifying what the problem is.
In an open letter, a group of billionaires is demanding a moderate wealth tax on the fortunes of the top one-tenth of the top one percent of Americans.
The letter was signed by the likes of George Soros, Facebook co-founder Chris Hughes, and members of the Pritzker, Gund and Disney families.
“America has a moral, ethical and economic responsibility to tax our wealth more,” they wrote. “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.”
To give some credit, they were right when they said that millions of middle-class Americans face a wealth tax (property taxes):
“The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.”
But, again, just write a check to the Treasury Department and stop the bellyaching.
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