Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

"Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations", the letter added.

Caricatures of Senate Majority Leader Mitch McConnell, President Donald Trump, and House Speaker Paul Ryan.

The letter is primarily aimed at congressional Republicans, who are considering various proposals that would result in the richest Americans paying less in taxes than they do now.

"It is neither wise nor just to give wealthy people more tax breaks at the expense of working families, and it would be especially egregious to fund tax cuts for the wealthy by cutting or dismantling programs that help people meet fundamental human needs like healthcare or nutrition assistance", they write.

Signatories on 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 as well as other lesser notables who make at least US$1million. Though the Responsible Wealth website is now down, you can see a cached version of the letter here.

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Senator Bernie Sanders (I-Vt.) addresses a rally against the Republican tax plan outside the U.S. Capitol on November 1, 2017. It is being released publicly this week, as Republicans debate legislation which would add $1.5 trillion to the debt to pay for widespread tax cuts for businesses and individuals. 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", Crandall said.

The belief is that putting more money into the pockets of individuals will spur more investment in the us economy, and more revenue for corporations can lead to new business ventures and more job creation.

The letter is attributed to 400 "wealthy and upper-income taxpayers". If my income gets bigger, I'm not going to invest more. "I'll just save more", said Crandall, who is retired.

The letter also took Republicans to task for trying to repeal or dilute the estate tax. Noting that he paid a higher effective tax rate than his own secretary, Buffet suggested that nobody earning over $1 million a year should pay a lower tax rate than middle-class families; this proposal eventually became known as the "Buffet Rule," and was endorsed by then-President Obama and, later, Hillary Clinton. Taxes would go down across the board on average for all groups, according to the Joint Committee on Taxation. Most of the signers of the letter come from California, New York and MA, states that went for Hillary Clinton in the last election.

They actually want Congress to raise taxes on the wealthy. The Senate tax bill would cut that number more than in half.

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