Why 300 Wealthy Americans Asked Congress to Reject Tax Breaks—Here’s Their Reason

Over 300 of America’s richest individuals have requested of the members Congress to obstruct the Republicans' suggested tax proposal that favors them, stating it would “dismantle” social programs ," weaken" the U.S. economy and leave millions of families "vulnerable."

In a message addressed to Democratic leadership in the House and Senate on Monday, this cohort of affluent people condemned President Donald Trump’s wish to prolong his 2017 tax reductions. primarily benefited rich individuals and companies.

"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 lands on the desks of Democratic leadership just as Republicans prepare to attempt advancing former President Trump’s tax plans. The tax reductions from his initial term are scheduled to expire by the end of this year.

Included among the signatories are Abigail Disney, a philanthropist and part of the Disney dynasty; Jeffrey Hollender, the creator of Seventh Generation, an eco-friendly brand; members of the Rockefeller clan, as well as additional individuals. Several others who put their names to the letter remain unnamed.

"Rather than providing large and unwarranted tax breaks to the extremely wealthy individuals such as Elon Musk, Jeff Bezos, and Mark Zuckerberg, Congress should consider increasing both their taxes and ours," the letter stated. according to The Washington Post .

According to reports, the letter was coordinated by the Responsible Wealth Project in collaboration with Americans for Tax Fairness and Voices for Progress.

The team dispatched a similar letter to Congress in 2022. A cluster of affluent U.S. citizens Additionally, they dispatched a letter to the presidential contenders. In 2020, encouraging them to impose higher taxes on the ultrarich for the betterment of most Americans.

Mike Lapham, who serves as the project director for the Responsible Wealth Project, stated Axios Those who endorsed the letter aren't well-known figures seeking attention by urging members of Congress to oppose a tax plan that would provide substantial reductions for ultrarich taxpayers.

While campaigning, Trump pledged to reduce taxation on gratuities, overtime pay, and Social Security benefits besides broadening his 2017 Tax Cuts and Jobs Act. imply a decrease in federal tax income, resulting in reduced funds available for supporting the president’s expensive policy initiatives like the large-scale expulsion of immigrants.

In the upcoming weeks, House and Senate Republicans will tackle the challenge of enacting tax reductions while also identifying funds to finance federal initiatives as they initiate the process of budget reconciliation.

"No additional tax breaks for the rich. This isn’t something we endorse," the letter states.

The Independent Has requested copies of the letter from the Responsible Wealth Project, Americans for Tax Fairness, and Voices for Progress.

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