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Billionaires call on America to adopt wealth tax in new open letter

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On Monday, The New York Times reported that 19 mega-wealthy individuals, including financier George Soros, Facebook co-founder Chris Hughes, and heiresses Abigail Disney and Regan Pritzker, have signed an open letter calling on the federal government to enact a “wealth tax.”

“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,” said the letter. “The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.”

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While a number of billionaires, like petroleum magnate Charles Koch and big data tycoon Robert Mercer, have used their fortunes to finance conservative and libertarian anti-tax advocacy in politics, others, like Berkshire Hathaway founder Warren Buffett and Microsoft’s Bill Gates, have advocated a more progressive redistribution of wealth for years. Buffett in particular has highlighted the absurdity of how the tax code lets him pay a lower marginal tax rate than his own secretary.

Wealth taxes, or a tax levied on the money you already have rather than the income you earn each year, is not a new or radical idea — millions of Americans already pay wealth taxes each year to their state or local government, in the form of property taxes on their houses.

But Democratic candidates increasingly support something further: a federal tax on all wealth above a certain level, that would apply not just to houses but all assets and investments. For instance, Sen. Elizabeth Warren (D-MA) wants to levy a 2 percent tax on all assets greater than $50 million, and 3 percent on assets greater than $1 billion — a proposal that would theoretically raise almost $3 trillion in tax revenue over a decade. Some other Democratic presidential candidates, like former Rep. Beto O’Rourke (D-TX) and South Bend Mayor Pete Buttigieg, support similar policies.


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Trump will probably ‘win’ impeachment — unless Democrats can tell a better story

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With the goal of protecting American democracy, the Democratic Party has (finally) decided to impeach our lawless, and profligate president.

On Tuesday, House Democrats released articles of impeachment against Donald Trump. Those are being marked up in the Judiciary Committee and should reach the House floor on Friday.

After a two month-long investigation, the Democrats have charged Trump with obstructing Congress and abusing power, as related to the Ukraine scandal and Trump’s ongoing efforts to encourage foreign interference in the 2020 presidential election.

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Trump disrupted NATO meeting to rage at Macron and Trudeau: report

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According to a report from the Daily Beast, President Donald Trump launched into a tirade aimed at French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau during an Oval Office meeting with foreign ambassadors when he returned from his NATO meeting in London well over a week ago.

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Trump wants to add Alan Dershowitz to his impeachment legal team: report

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According to a report from ABC, Donald Trump wants to add controversial lawyer Alan Dershowitz to his impeachment legal team.

The reports states the president and his advisers are looking for help as he faces an impeachment trial in the Senate and the president wants the former law professor on his team.

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