More than 400 millionaires and billionaires have signed a letter urging Congressional Republicans not to cut their taxes.
The letter, organized by the nonprofits United for a Fair Economy and Voices for Progress, urges Congress not to pass a tax bill that “further exacerbates inequality.”
The letter claims that the bills working their way through the House and Senate “would disproportionately benefit wealthy individuals and corporations,” specifically citing the repeal of the estate tax and the cutting of pass-through rates.
“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 said.
Among the signers of the letter are financier and philanthropist George Soros, former Secretary of Labor Robert Reich, and Ben Cohen and Jerry Greenfield, founders of Ben & Jerry’s Ice Cream.
One of the top White House backers of the tax reform effort is National Economic Council director and former Goldman Sachs president Gary Cohn. “I don’t believe that we’ve set out to create a tax cut for the wealthy,” he said in an interview with CNBC last week. “If someone’s getting a tax cut, I’m not upset that they’re getting a tax cut. I’m really not upset.”