More than 300 of the United States’s wealthiest people have asked members of Congress to block Republicans' proposed tax plan that would benefit them, saying it would “dismantle” social programs, “undermine” the U.S. economy and put millions of families “at risk.”
In a letter sent to Democrat leaders in the House and Senate Monday, the group of wealthy individuals criticized President Donald Trump’s desire to extend his 2017 tax cuts, which largely benefitted wealthy people and corporations.
"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," the letter read, according to Axios.
It arrives on the desk of Democratic leaders as Republicans gear up to try and advance Trump’s tax proposals. The tax cuts from his first term are set to expire at the end of this year.
Among those who signed the letter are Abigail Disney, a philanthropist and member of the Disney family; Jeffrey Hollender, the founder of the brand Seventh Generation; heirs to the Rockefeller family and more. Many of the people who signed the letter were not named.
“Instead of handing out massive and unnecessary tax cuts to the ultra-wealthy, like Elon Musk, Jeff Bezos and Mark Zuckerberg – Congress should be raising their and our taxes,” the letter read, according to The Washington Post.
The letter was organized by the Responsible Wealth Project in coordination with Americans for Tax Fairness and Voices for Progress, according to reports.
The group sent out a similar letter to Congress in 2022. A group of wealthy Americans also sent a letter to presidential candidates in 2020 urging them to tax the ultra-wealthy more for the benefit of most Americans.
Mike Lapham, the project director at the Responsible Wealth Project, told Axios that those who signed the letter are not household names looking for publicity in asking members of Congress to reject a tax proposal that gives ultra-wealth tax cuts.
On the campaign trail, Trump promised to cut taxes on tips, overtime and Social Security benefits in addition to expanding his 2017 Tax Cuts and Job Act. Those cuts mean a reduction in federal tax revenue, which is less money to fund the president’s costly policy proposals, such as the mass deportation of immigrants.
House and Senate Republicans will face the issue of implementing tax cuts while finding money to pay for federal programs in the coming weeks as they begin budget reconciliation.
“No more tax cuts for the wealthy. Not in our name,” the letter says.
The Independent has asked Responsible Wealth Project, Americans for Tax Fairness and Voices for Progress for a copy of the letter.
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