‘Just too much’: Meet the uber-rich who want a wealth tax

WASHINGTON (AP) — A handful of billionaires and multimillionaires are making a renewed push for the government to raise their taxes and siphon away some of their holdings.

As Democratic presidential candidates debate a new tax on wealth rather than on incomes, a group of uber-rich people is urging them on. They include financier George Soros, Facebook co-founder Chris Hughes and heiress Abigail Disney.

The chief argument from these tycoons, financiers and scions is that the government could spend their money more effectively than they could on their own by improving schools, upgrading infrastructure and protecting the environment.

The idea is a direct challenge to the reputed billionaire in the White House, Donald Trump, who once backed a wealth tax but in 2017 enacted a dramatic tax cut that favored the rich.

Categories: National News