Washington, June 25: A group of US billionaires has urged the 2020 presidential candidates to support a wealth tax on the American families with the largest fortunes. In a letter published on Monday, the group called on all candidates for President, Republicans or Democrats to endorse a "moderate" wealth tax on the fortunes of the richest Americans, reports Xinhua news agency.

"The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans," wrote the group, which included filmmaker and heiress Abigail Disney, Facebook co-founder Chris Hughes and investor George Soros. US Presidential Elections 2020: Bernie Sanders Vows to Fight Racial, Economic Injustices in US if He Elected.

A wealth tax could help address the climate crisis, improve the economy, make Americans healthier and fairly create opportunity, the group added. The letter, co-signed by 19 individuals, said the concept of a wealth tax isn't new, as millions of middle-income Americans already pay a wealth tax each year in the form of property taxes on their primary form of wealth -- their home.

It also noted that several presidential candidates, such as Senator Elizabeth Warren, Mayor of Indiana's South Bend Pete Buttigieg, and former Texas Congressman Beto O'Rourke, are already supportive of the idea.

US Federal Reserve Chairman Jerome Powell said in May that the US faces a two-fold challenge of facilitating low-income families reaching middle class and ensuring that the middle class enjoy basic economic security.

Citing a number of research results, Powell said that income has grown more slowly for middle-class households since the 1970s than for those with higher incomes, resulting in wider income inequality.

(The above story first appeared on LatestLY on Jun 25, 2019 08:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).