More Than 400 Millionaires And Billionaires Just Demanded Congress Not To Cut Their Taxes
A group of more than 400 millionaires and billionaires have reportedly asked Congress not to cut their taxes. The group, which includes doctors, lawyers, and chief executives, send a letter to Congress asking that their taxes not be cut under the GOP tax overhaul.
The letter, put together by Responsible Wealth, a network of wealthy individuals who promote progressive issues, says the GOP plan should increase taxes on the wealthy and demands Congress not to pass a bill that “further exacerbates inequality.” It also says the tax bill should not add to the country’s debt, according to The Washington Post.
Some top executives who have signed on to 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, according to The Hill.
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.
Democrats have criticized the plan as a sham designed to further cut taxes for top GOP donors as well as Trump and his family.
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.