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U.S. Billionaires Are Now Begging For Wealth Tax To Help Bolster Economy, Including George Soros



There’s a thought amongst many conservatives that liberalism is some sort of mental disorder akin to depression, anxiety, and other illness that negatively impact one’s psychological health.

After hearing what these U.S. billionaires, including progressive activist George Soros, are calling for, you might jump on board with that diagnosis too.

Apparently, these folks are demanding to be taxed at a higher rate in order to bolster the economy.

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The group — featuring 19 billionaires — penned and signed a letter addressed to candidates in the 2020 presidential election.

The letter calls on the government to increase taxes on the wealthy to positively impact the economy, provide tax relief for the low-income, student loan relief, clean energy, subsidized child care, infrastructure, and more.

The letter opens, “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 1/10 of the richest 1% of Americans — on us. The next dollar of new tax revenue should come from the most financially fortunate[.]”

The letter’s signatories also include filmmaker Abigail Disney and Facebook co-founder Chris Hughes. Other signees include Louise Bowditch, Robert Bowditch, Sean Eldridge, Stephen English, Agnes Gund, Catherine Gund, Nick Hanauer, Arnold Hiatt, Molly Munger, Regan Pritzker, Justin Rosenstein, Stephen Silberstein, Ian Simmons, Liesel Pritzker Simmons, Alexander Soros, and Anonymous.

Another snippet from the letter states, “America has a moral, ethical, and economic responsibility to tax our wealth more. Taking on this tax is the least we can do to strengthen the country we love. Instituting a wealth tax is in the interest of our republic.”

The tax could supposedly generate $3 trillion in revenue over the next 10 years.

The letter gave six reasons for the higher tax and the benefits it could have, which included using the money to fight the “climate crisis.”

Here are the remaining five:

A Wealth Tax Is an Economic Winner for America
A Wealth Tax Will Make Americans Healthier
A Wealth Tax Is Fair
A Wealth Tax Strengthens American Freedom and Democracy
A Wealth Tax Is Patriotic

For those who would like to have more ulcers in their lives, you can read the rest of the letter here.

These folks are absolutely insane if they think that the wealthy being taxed at higher rates will stimulate our economy. It might in the short term, but as always, the problem with liberal solutions to the pressing issues of the day is that they are only temporary benefits. In the long run, these kinds of policies and taxes will have much more of a negative impact and likely make things worse.

Higher taxation will always lead to a bump in the prices of goods and services because those who are being taxed more will need to make up for the lack of profit, thus passing the cost of said tax off to the consumer, which really means the wealth tax is a tax on regular, middle-class Americans who are taxed to death as it is.

The only solution to our current economic woes and ills is the free market, which is the only answer to the problem these people don’t want to explore.

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