As Democratic presidential candidates debate a new tax on wealth rather than on incomes, this group of uber-rich people is urging them on. Bill Gates, the world’s second richest person, didn’t sign it but has since said he “wouldn’t be against a wealth tax” on a net worth that roughly exceeds $100 billion. Larry Summers, the former treasury secretary and Harvard University president, argues a wealth tax is essentially unworkable. The 43-year-old joined the effort to recruit other moneyed families to support a wealth tax in the June letter. That’s part of the reason he supports a wealth tax - because his family’s fortune stems in part from government programs, echoing Warren’s key argument for her tax plan.

Source: thestar October 22, 2019 04:18 UTC