More than 400 millionaires tell Congress: Don’t cut our taxes

“I think a tax cut is absurd,” said Bob Crandall, a former American Airlines chief executive who lives in Florida and added his name to the letter. Republicans are “saying we can’t afford to spend money, but we can afford to give rich people a huge tax break. This makes no sense,” Crandall said.

Cutting taxes on businesses and individuals is the centerpiece of “MAGA-nomics,” President Trump's plan to spur growth and jobs in the country. The House and Senate have unveiled tax plans this month that they hope to pass and get on the president's desk by Christmas.

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.

“I don't believe that we've set out to create a tax cut for the wealthy. If someone's getting a tax cut, I'm not upset that they're getting a tax cut,” Gary Cohn, the head of Trump's National Economic Council, said in an interview with CNBC last week. “Everything in our tax system is meant to encourage investment.”

But signers of the Responsible Wealth letter disagree, arguing that corporations are already at record profit levels and that wealthy people don't need more money. They would rather see the government use the funds to invest in education, research and roads that benefit everyone and to ensure that safety net programs such as Medicaid aren't cut.

“I have a big income. If my income gets bigger, I’m not going to invest more. I'll just save more,” said Crandall, who is retired.

Link here.