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More Than 400 Rich People Ask Congress To Raise Their Taxes
Despite compelling recent evidence that may suggest the contrary, not all wealthy Americans are heartless greedheads. A letter is being sent this week to Congress requesting a major change in the tax code revision bill that is expected to pass the House of Representatives. It is signed by some 400 millionaires and billionaires, and requests that their taxes not be cut.
As The Washington Post said in an article published on Sunday that broke the news of the letter, “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.”
The letter originated with the progressive advocacy group Responsible Wealth. Among those who have added their signature to it are billionaire investment whiz and frequent right-wing target George Soros, philanthropist and heir to one of America’s great family fortunes Steven Rockefeller, and Ben & Jerry’s Ice Cream founders Ben Cohen and Jerry Greenfield. All of the 400-plus signers are among the nation’s top five percent of our wealthiest citizens who have a net worth of $1.5 million or more or make at least $250,000 a year.
One of the signers, former American Airlines top executive Bob Crandall, said, “I think a tax cut is absurd.” He notes how 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.”
The letter urges Congress to not make its planned changes to the estate tax. It notes how “Repealing the estate tax alone would lose an estimated $269 billion over 10 years – more than we would spend on the Food and Drug Administration, Centers for Disease Control, and Environmental Protection Agency combined.”
The Trump administration and some in Congress contend that tax breaks for the rich and large corporations will stimulate investment and job growth that will benefit the middle and lower classes. But previous attempts at what’s called “trickle down economics” have proven that it doesn’t work as they believe.
And Crandall confirms that. “I have a big income. If my income gets bigger, I’m not going to invest more. I’ll just save more,” he said.