More than 300 rich people ask Congress to reject tax breaks for rich people
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More than 300 wealthy individuals, including heiress Abigail Disney, are asking lawmakers to reject GOP plans for tax breaks for the rich.
Why it matters: "No more tax cuts for the wealthy. Not in our name," they wrote in a letter sent Monday to the Democratic minority leaders from New York, Sen. Chuck Schumer and Rep. Hakeem Jeffries, and first reported Tuesday.
The intrigue: Only two of these high-net-worth individuals agreed to share their names publicly: Disney and Jeffrey Hollender, co-founder of Seventh Generation, an ecofriendly-branded consumer products company.
- She is well-known for advocating for higher taxes on the rich. He's long advocated for corporate social responsibility — a term you're hearing less of these days as any kind of progressive activism by companies appears under attack.
Zoom in: The rest include heirs from such prominent families as the Rockefellers, Pillsburys (as in the baking company) and Gambles (of Procter & Gamble fame), as well as some company founders.
- These folks aren't household names and aren't looking for the publicity, says Mike Lapham, project director at the Responsible Wealth Project, which coordinated the letter with Americans for Tax Fairness and Voices for Progress.
The big picture: Extending and expanding the 2017 tax cuts is now the focus of congressional Republicans.
- It's expected those tax breaks would come at the expense of big cuts to critical health and income benefits needed by millions of Americans.
- "These cuts aren't just unnecessary; they're cruel, prioritizing handouts to the wealthiest households over the well-being of those who need help the most," per the letter.
Between the lines: Making the tax cuts permanent would give a $278,000 tax break to those in the top 0.1% and a $130 cut to the bottom 5%, per an analysis from the Tax Policy Center.
- And that's not counting any reduction to Medicaid coverage — 1 in 5 Americans gets health insurance through the program.
The other side: If Republicans don't extend these tax breaks, a lot of people will see their tax rates go up. A return to pre-2017 levels, at a time of higher costs — not a great look.
