Billionaire investor George Soros proclaims he is in favor of making the rich, wealthy and powerful pay their fair share.
“I am in favor of taxing the rich,” he told the New York Times, “including a wealth tax.”
Soros admitted that view is in synch with one of Senator Elizabeth Warren’s central policies, but Soros acknowledges that his view “does create a moral problem for me.”
He added: “As I became so successful, it basically put a self-imposed constraint on me that actually interfered with making money.”
In June, Soros was among the wealthy individuals who signed onto a letter in support of Warren’s wealth tax proposal. That letter, billed as “nonpartisan,” also noted that it should not be construed as an endorsement, CNBC explained.
The Massachusetts senator would apply a 2% tax on every dollar of net worth for households worth $50 million or more, and a 3% tax on every dollar of net worth beyond $1 billion, Reuters explained.
According to Emmanuel Saez and Gabriel Zucman, both University of California at Berkeley economists, this would apply to around $11 trillion of holdings this year, producing revenue of at least $220 billion.
Warren isn't alone in seeking to tax the wealthy.
To be sure, U.S. presidential contender Bernie Sanders released a plan last month to tax fortunes worth more than $32 million, in a move that follows his Democratic rival Warren’s own wealth-tax proposal.
Sanders, a U.S. senator from Vermont, said his “extreme wealth tax” would address historically high levels of inequality and fund his healthcare plan, known as Medicare for All, as well as plans for affordable housing and universal childcare, Reuters explained.
“Enough is enough. We are going to take on the billionaire class, substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy,” Sanders said in a statement.
Sanders, one of 19 Democratic candidates hoping to challenge Republican President Donald Trump in the November 2020 election, is calling for a dramatic economic restructuring that would limit corporate influence and level the economic playing field.
© 2022 Newsmax Finance. All rights reserved.