Millionaire progressive scolds want a tax hike
Like clockwork, when tax cuts are debated in Congress, a group of very wealthy people gathers together to oppose the idea. It is no different this time. As the House and Senate work on their versions of tax cuts, a group of 400 millionaires has chimed in to say they want no part of either proposal, and prefer a tax hike instead. From their letter, we read this:
...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.
Among those who have signed the letter are:
...former Rockefeller Brothers Fund chair Steven Rockefeller, financier George Soros, filmmaker Abigail Disney, former American Airlines CEO Robert L. Crandall, Seventh Generation founder Jeffrey Hollender, Hanna Andersson founder Gun Denhart, former Stride Rite CEO Arnold Hiatt, film producer Sarah Pillsbury, clothing retailer Eileen Fisher, and former US Labor Secretary Robert Reich.
And not surprisingly, the entire effort is a product of two "progressive" groups dedicated to higher taxes for just about everybody:
The letter is a joint effort by United for a Fair Economy’s Responsible Wealth project and Voices for Progress, two national groups of wealthy individuals who advocate for progressive policies.
We could put all this down as a massive spasm of guilt, or grand condescention. But tax policy expert Dan Mitchell has a suggestion for the rich progressives pained by the idea of a tax cut:
The Treasury Department has a website that they can use to voluntarily send extra money to Washington. It’s called “gifts to reduce the public debt,” and people like George Soros can have their accountants and lawyers calculate the value of any tax cut and then use this form to send that amount of money to D.C.
And if these guilt-ridden rich people take my advice and send extra money to Washington, I surely won’t object if they want to give me a modest commission.
But I don’t think I’ll get any money for the simple reason that these wealthy statists already have been exposed for being hypocrites. When given the option to pay extra to Washington, they run for the hills. In other words, they talk the talk, but won’t walk the walk.
It’s the same at the state level. Massachusetts also gives people the option to pay more to government, yet Elizabeth Warren has never volunteered to cough up extra cash.
Because doing so would require them to take personal action in defense of their principles. Far easier to be a letter writing scold who prefers the government take more from everyone in pursuit of the progressive utopia.