Ian and Liesel Simmons. Photo Doc. BBC

More Tax for the Rich and More Equality for All

Zahara Sakinah Abdullah
Politics & Economic
Regulation
Jun 30, 2019
2181
The wealthy Liesel Pritzker Simmons and husband do not just have much fortune in their possession but also much morality in their heart.

As she told to BBC, it is important for the people who are blessed enough with unusual financial success or luck to contribute more to the common good and common future of societies. Therefore, she has encouraged 17 other super-rich individuals, that include Facebook’s co-founder Chris Hughes and Disney heiress Abigail Disney, to be in the same page as her and creating an open letter.

As stated by them in the letter, the inequalities in the America’s economic and social ills have created a crisis for the young, the poor, and the environment. The fact is difficult to be answered or solved either, and therefore the open letter has come up with an idea to impose a wealth tax as their moral and patriotic duty to hand over a bigger slice of their fortunes. The suggestion was to add a tax of two cents per dollar on assets above $1 billion that would generate nearly $3 trillion in revenue over ten years.

This ideal idea is not without some haters. Some critics came from newspaper columnists and Twitter accounts that mock them as “billionaires club with a conscience” and bunch of privileged misguided do-gooders. Conservative US television talk show host Laura Ingraham was among the first tweets that counter the idea. She stated her disagreement and questioning on why those billionaires not just send more money to the Internal Revenue Service (IRS). This statement has gotten its rebuttal from Mr. Simmons, stating that it is just the form of philanthropic act which is not enough to face the inequality challenges in the societies such as universal childcare, climate crisis, or retire student debt.

Mr. and Mrs. Simmons are very certain that the rich is not going to suffer after paying a bit more into the system but will have a major impact for those who are in need the most.

Source: https://www.bbc.com/news/business-48804905

Business , Tax , Wealth