Millionaires and billionaires to urge Congress not to cut their taxes

More than 400 millionaires and billionaires will reportedly ask Congress not to cut their taxes.

The group, which includes doctors, lawyers and chief executives, plans to send a letter to Congress and ask that their taxes not be cut under the GOP tax overhaul, The Washington Post reported.

The letter asks Congress not to pass a bill that “further exacerbates inequality.” It also says the tax bill should not add to the country’s debt.

{mosads}The letter, put together by Responsible Wealth, a network that promotes progressive issues, says the GOP plan should increase taxes on the wealthy.

Some people who have signed onto the letter 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.

“I think a tax cut is absurd,” said Bob Crandall, a former American Airlines chief executive who signed 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.

House Republicans are nearing an initial victory on tax reform. Legislation is expected to get a vote this week on the House floor.

Senate Republicans released their own tax bill last week — a measure that has several differences from the House bill.

The Senate bill cuts individual and corporate tax rates and eliminates some tax preferences in the current code, but not as many as are repealed in the House bill.

Democrats have criticized the plan.

Senate Minority Leader Charles Schumer (D-N.Y.) said Sunday the GOP tax plan would provide tax cuts for wealthy individuals and corporations while cutting tax breaks that provide relief to the middle class.

An analysis by the Joint Committee on Taxation found all income groups on average would see their taxes go down under the Senate Republicans’ tax bill.

Tags Charles Schumer
See all Hill.TV See all Video

Most Popular

Load more


See all Video