Some of the country's richest people sent a letter Monday to the 2020 Democratic candidates calling for increased taxes on the wealthiest Americans.

Nineteen millionaires and billionaires signed the letter – including George Soros and Abigail Disney as well as one who remained anonymous – which supports "a moderate wealth tax on the fortunes of the richest 1/10 of the richest 1% of Americans."

"America has a moral, ethical and economic responsibility to tax our wealth more," the letter stated. "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."

The millionaires and billionaires are proposing that the top one-tenth of the country's wealthiest 1% pay a small wealth tax on the primary source of their wealth.

The letter-writers cite polls that show Americans in both political parties support a moderate tax on the country's wealthiest residents and urge presidential candidates in both parties to "recognize the force of the idea and join with most Americans in supporting it."

The letter highlights several Democratic presidential candidates who are supportive of the idea, including Sen. Elizabeth Warren of Massachusetts, former Rep. Beto O'Rourke and Pete Buttigieg, the mayor of South Bend, Indiana. Specifically, they outline a plan introduced by Warren that includes taxing 75,000 of the wealthiest families in the U.S. The plan would put a tax of $0.20 on the dollar on assets after $50 million and an additional tax of $0.01 on the dollar on assets over $1 billion.

The plan estimates that it would generate almost $3 trillion over 10 years, which could be used for clean energy investments, tax credits for low-income families and public health solutions.

The writers provide six important reasons for supporting the tax. They say the revenue can be used to solve the climate change "crisis," generate economic growth and success and improve public health and extend life expectancy. The letter states that the tax is fair and patriotic and it will strengthen American freedom and democracy.

