Forbes
A 70% marginal tax rate. A 77% estate tax. A 3% tax on every dollar over $1 billion of net worth. As various plans to tax the ultra-rich gain steam in American political discourse—and after a recent bombshell report that the 400 richest Americans paid a lower tax rate than other income groups last year—many billionaires have been challenged to address their very existence amid growing income inequality.
At least a dozen billionaires have made public statements that call for the super-rich to pay more in taxes.
Bill Gates and Warren Buffett, the No. 2 and 3 wealthiest Americans, are the richest supporters of the estate tax, which is levied on the assets of people who have died. Buffett advocated for a higher tax on the wealth years ago and in 2017 said on CNBC that the proposed elimination of the estate tax was “a terrible mistake.” Gates in February called himself “the biggest proponent of having the estate tax collect more money.” Others, like George Soros and philanthropist and retired entrepreneur Eli Broad, have supported some sort of wealth tax, which would draw from a taxpayer’s net worth.