Over 400 millionaires and billionaires have reportedly asked the U.S. Congress to abstain from tax cuts that would leave the ultra-wealthy unharmed.
The group, which calls itself Responsible Wealth, represents liberal CEOs, doctors and lawyers who plan to send a letter to Congress asking that their taxes not be cut under the Republicans' proposed tax reform law, according to The Washington Post.
Stating that such a move "further exacerbates inequality," the writers also say the bill would add to the already significant debt of the United States. Instead, they are asking that taxes be increased for the wealthy.
"Tax reform should be, at a minimum, revenue neutral—without using gimmicks like dynamic scoring. We are deeply concerned that revenue loss would lead to deep cuts in critical services such as education, Medicare, and Medicaid, and would hamper our nation’s ability to restore investments in our people and communities," the letter said.
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.
The GOP is “saying we can’t afford to spend money, but we can afford to give rich people a huge tax break. This makes no sense,” former American Airlines CEO Robert “Bob” Crandall said, noting the absurdity of the tax reform plan.
"I have a big income. If my income gets bigger, I'm not going to invest more. I'll just save more," Crandall added.
The legislation will likely get a vote this week on the House floor, where the majority Republicans expect an easy victory.
"Instead (of cutting taxes), we call on Congress to raise our taxes to bring in additional much-needed revenue and to restore investments to vital services. Doing so will help create jobs, strengthen the middle class, and ensure America’s economic success. Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations," the letter added.
President Donald Trump's plan to revive the U.S. economy largely consists of tax cuts for large corporations, businesses and wealthy oligarchs. It is largely known as “MAGA-nomics,” a reference to the hashtag acronym for the campaign slogan “Make America Great Again,” and would amount to trillions in tax breaks for the ultra-rich in the United States.