The tweet caught my eye:
— Heather Long (@byHeatherLong) November 13, 2017
And it led me to the story:
By Heather Long | November 12, 2017 | 7:44 PM
More than 400 American millionaires and billionaires are sending a letter to Congress this week urging Republican lawmakers not to cut their taxes.
The wealthy Americans — including doctors, lawyers, entrepreneurs and chief executives — say the GOP is making a mistake by reducing taxes on the richest families at a time when the nation’s debt is high and inequality is back at the worst level since the 1920s.
The letter calls on Congress not to pass any tax bill that “further exacerbates inequality” and adds to the debt. Instead of petitioning tax cuts for the wealthy, the letter tells Congress to raises taxes on rich people like them. It is being released publicly this week, as Republicans debate legislation that would add $1.5 trillion to the debt to pay for widespread tax cuts for businesses and individuals.
The letter was put together by Responsible Wealth, a group that advocates progressive causes. Signers include Ben & Jerry’s Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher, billionaire hedge fund manager George Soros, and philanthropist Steven Rockefeller, as well as many individuals and couples who aren’t household names but are part of the top 5 percent ($1.5 million in assets or earning $250,000 or more a year). . . . .
While the House and Senate bills have substantial differences, both cut taxes, on average, for many millionaires and billionaires. The Senate bill even cuts the top tax rate for couples earning more than $1 million (and individuals earning over $500,000) from 39.6 percent to 38.5 percent.
The White House and congressional Republicans argue that everything in the bill is geared toward pumping more investment into the U.S. economy. They say the money that corporations and the rich save on their taxes would likely be used to start new companies or build new factories.
There’s more at the original.
I have not supported the Republican tax cut proposal, even though it would personally benefit me. I have stated that we need to cut spending first, cut it not just to the bone, but into the bone. The First Street Journal had many articles condemning the huge deficits run under President Obama, and the Editor does not believe that deficits are somehow better or more acceptable because a Republican in in the White House. I have already noted that continual deficit spending, during good times as well as bad, has taken us completely away from Keynesian ideas and has, in effect, inoculated our economy to any projected benefits from stimulus. Constant stimulus has already been figured in to our economy.
However, when I see political ploys like this, with some more liberal millionaires saying, “Don’t cut our taxes, please raise our taxes,” I know that they are actually saying, ‘raise other people’s taxes.’
Why? Note the button on the left: If you click on it, it will take you to pay.gov, and where you can make a gift to reduce the public debt; you can voluntarily pay more in taxes, and if Responsible Wealth members believe that they ought to pay more in taxes, they can, right now, without anyone stopping them, without anyone else’s permission.
Well, we don’t know if the members of that august organization voluntarily paid more in taxes. We do know that Senator Elizabeth Warren (D-MA), who believes that not only are corporate taxes not too low, but that they should be raised, had the opportunity to voluntarily pay a higher state tax rate in Massachusetts, but chose not to do so. Massachusetts allows people to voluntarily choose to pay a higher rate of 5.85% rather than the required 5.3%. “I paid my taxes and did not make a charitable contribution to the state,” she said. Dr Warren is considered as one of the probable candidates for the 2020 Democratic presidential nomination.
Most of us can remember how 2004 Democratic vice presidential nominee, and candidate for the 2008 presidential nomination, former Senator John Edwards (D-NC), used a ‘S Corporation’ loophole to avoid roughly $600,000 in taxes; Mr Edwards campaign theme was “Two Americas:”
Well, let me tell you how we’re going to pay for it. And I want to be very clear about this. We are going to keep and protect the tax cuts for 98% of Americans — 98%. We’re going to roll back — we’re going to roll back the tax cuts for the wealthiest Americans. And we’re going to close corporate loopholes.
The hypocrisy of the American left is astounding. I’ll believe that they are honest when they start paying more in taxes voluntarily.