Over 400 millionaires and billionaires calling themselves ‘Responsible Wealth’ sent a letter to the congress asking that their taxes not be cut.
By Heather Long
The wealthy Americans — including doctors, lawyers, entrepreneurs and chief executives — say the GOP is making a mistake by reducing taxes on the richest families at a time when the nation’s debt is high and inequality is back at the worst level since the 1920s.
The letter calls on Congress not to pass any tax bill that “further exacerbates inequality” and adds to the debt. Instead of petitioning tax cuts for the wealthy, the letter tells Congress to raise taxes on rich people like them. It is being released publicly this week, as Republicans debate legislation that would add $1.5 trillion to the debt to pay for widespread tax cuts for businesses and individuals.
The letter was put together by Responsible Wealth, a group that advocates progressive causes. Signers include Ben & Jerry’s Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher, billionaire hedge fund manager George Soros, and philanthropist Steven Rockefeller, as well as many individuals and couples who aren’t household names but are part of the top 5 percent ($1.5 million in assets or earning $250,000 or more a year).
“I think a tax cut is absurd,” said Bob Crandall, a former American Airlines chief executive who lives in Florida and added his name to the letter. Republicans are “saying we can’t afford to spend money, but we can afford to give rich people a huge tax break. This makes no sense,” Crandall said.
I couldn’t agree more. This odious tax bill MUST be stopped.
We don’t even really know what’s being sacrificed to provide these tax cuts for the wealthiest:
The Republican plan would slash $5.071 trillion from domestic programs over a decade, but it provides almost no detail on what accounts would be targeted.
Tax cuts first with all the painful cuts still hidden behind their backs.
An obvious con job.