Soros orders Dem candidates to back socialist ‘wealth tax’

Photo: George Soros, New America CC2.0

The Democrat field of presidential candidates is about to get even more socialist after creepy globalist billionaire George Soros ordered them to support a ‘wealth tax’ right out “The Communist Manifesto.”

“The letter, released (June 24),) addressed to ‘2020 Presidential Candidates’ claims ‘America has a moral, ethical and economic responsibility to tax our wealth more. A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms. Instituting a wealth tax is in the interest of our republic,'” Forbes magazine reports.

“Soros and the other signatories claim that a tax of 2 cents on the dollar on assets over $50 million, and an additional tax of 1 cent on the dollar on assets over $1 billion, could generate $3 trillion in tax revenue over ten years,” Forbes reports.

Though he’s calling for a tax on the wealthy to confiscate their income, Soros has yet to pay those tax rates himself. Under federal, Americans can voluntarily pay more than their assessed taxes.

Soros’ plan appears to be rooted in “The Communist Manifesto,” which calls for “a heavy progressive or graduated income tax,” “abolition of all rights of inheritance” and “confiscation of the property of all emigrants and rebels.” The term “emigrants” refers to those who leave a country, such as those who renounce their U.S. citizenship to avoid crippling taxes. Socialist like Soros also consider capitalists to be “rebels’ against their globalist agenda.

That estimate assumes billionaires won’t simply leave the United States. Even if it did manage to collect $300 billion a year, that’s not enough to even begin paying for the massive socialist spending proposals issued by Democrats.