Everyone loves paying less in taxes, right? Not the 400 millionaires and billionaires who sent a letter to Congress with a simple message:
“Do not cut our taxes.”
Who signed the letter?
The letter is attributed to 400 “wealthy and upper-income taxpayers.”
Some notables on the list include George Soros, Steven Rockefeller and Abigail Disney.
Who brought them all together?
Responsible Wealth, a group that advocates progressive causes.
According to its website, The Responsible Wealth Project is a “network of business leaders, investors, and inheritors in the richest 5% of wealth and/or income in the U.S. who believe that growing inequality is not in their best interest, nor in the best interest of society.”
Why don’t they want their taxes cut?
Here are the reasons, according to the letter:
- They fear that revenue loss would lead to cuts in services like public education, Medicare and Medicaid.
- They say the Republican tax plan disproportionately benefits the wealthy and corporations.
- They believe the best way to strengthen the economy is to invest in civic institutions rather than giving tax breaks.
- They claim repealing the estate tax would cost $269 billion over 10 years.
- They actually want Congress to raise taxes on the wealthy.
Why do Republicans want tax cuts?
The Republican tax plan cuts taxes on average for people in multiple tax brackets, including the highest earners.
The belief is that putting more money into the pockets of individuals will spur more investment in the U.S. economy, and more revenue for corporations can lead to new business ventures and more job creation.
“I don’t believe that we’ve set out to create a tax cut for the wealthy,” said Gary Cohn, head of the National Economic Council to CNBC. “Everything in our tax system is meant to encourage investment.”