More Than 400 Millionaires and Billionaires Urge Congress Not to Cut Taxes on the Wealthy

On Monday, Trump pushed Republicans to cut taxes on the rich by using money that’s slated to help lower-income Americans purchase health insurance, NBC News reports.

Trump on Twitter Monday morning: “I am proud of the Rep. House & Senate for working so hard on cutting taxes {& reform.} We’re getting close! Now, how about ending the unfair & highly unpopular Indiv Mandate in OCare & reducing taxes even further? Cut top rate to 35% w/all of the rest going to middle income cuts?”

The request, which the president managed to tweet while touring through Asia, comes at a sensitive moment in tax negotiations. It contradicts what he has said before, which is that tax legislation should be focused on providing middle-class tax relief. Now he insists on cutting taxes for the wealthy. Trump has also said that any GOP tax plan would raise taxes on himself, though closer inspection of both the house and senate proposed plans show that they would greatly benefit his family and businesses.

But signers of the Responsible Wealth letter disagree with Trump and Republican lawmakers. They argue that corporations are already at record profit levels and wealthy people don’t need more money. They would rather see the government use the funds to invest in education, research, and roads that benefit everyone and to ensure that healthcare is not cut.

“I have a big income. If my income gets bigger, I’m not going to invest more. I’ll just save more,” said Crandall.

This is why trickle-down economics do not work, and Trump’s push for it now more than suspiciously looks like he, like Crandall would, wants to save more money. The letter specifically criticizes the plan to repeal the estate tax, which currently only affects those who leave more than $5.49 million ($11 million for couples) in assets to their heirs. The senate plan would double those thresholds, allowing individuals and couples to inherit $11 million and $22 million respectively, tax free.

“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 letter states.

Load more...

Page 2 of 2
First | Prev | 1 | 2 | Next | Last
View All



type in your search and press enter
Generic filters
Exact matches only