More Than 400 Millionaires Don't Want Congress To Cut Their Taxes

As President Donald Trump seeks to score his first major legislative victory, hundreds of millionaires and billionaires come out against his proposed tax plan.

President Donald Trump is going “all-in” on his proposal to drastically cut taxes for the wealthiest Americans. But hundreds of individuals who would benefit the most from his tax plan are telling him: don’t cut our taxes.

More than 400 millionaires and billionaires in the United States, part of an organization called “Responsible Wealth,” sent an open letter to Congress, urging them to reconsider the tax plan and not cut their current tax rates.

The current plan proposed by Republicans “further exacerbates inequality” that hasn’t been this drastic since the 1920s, the letter explains.

“The Republican tax plan would disproportionately benefit wealthy individuals and corporations,” stated those who signed the letter.

The GOP contends that the added tax cuts would contribute more to the economy, injecting personal spending from the rich into the private marketplace, an idea sometimes labeled as “trickle down economics.” That model of economics, however, doesn’t have a strong track record of success. One of the signers of the letter even suggested as much.

“If my income gets bigger, I’m not going to invest more. I'll just save more,” said Bob Crandall, a former American Airlines chief executive.

Crandall added that, at a time when Congress says we can’t afford any investments that would benefit the nation at-large, it seems unusual that lawmakers in Washington are fine with gutting government revenues.

Republicans say, “we can’t afford to spend money, but we can afford to give rich people a huge tax break. This makes no sense,” he said.

Indeed, the Trump tax bill could increase deficits up to $1.7 trillion over the next 10 years, one analysis found.

Signers of the letter from Responsible Wealth include some familiar names, such as Ben Cohen and Jerry Greenfield (from Ben & Jerry’s ice cream), philanthropist Steven Rockefeller, fashion designer Eileen Fisher, and hedge fund manager George Soros, a frequent donor to progressive causes.

It doesn’t take a millionaire or a billionaire to see that this tax plan is flawed. There’s no indication that growing incomes for the wealthy will trickle down to anyone in the middle class, and the plan will undoubtedly increase deficit spending, a problem Republicans once had with proposals under other Democratic presidents but seem fine with today.

If Republicans want to reform tax policy, they should listen to their constituents — including the enlightened rich, as well as those with more modest and meager incomes — who are telling them to legislate more responsibly.

Banner and thumbnail credit: Reuters, Joshua Roberts

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