George Soros To Congress: "Please Don't Cut My Taxes"

After transferring over the bulk of his personal wealth to his “Open Society” Foundation - the umbrella organization for a network of dozens of political groups that push Soros’s far-left agenda across the US and Europe, Soros is still comfortable enough to justify giving away even more of his money - this time to the US federal government.

Taking a page out of Warren Buffett's book, Soros and a group of some 400 other rich Americans - including doctors, lawyers and CEOs - are sending a formal letter to Congress chiding lawmakers for trying to reduce taxes on the richest American families at a time when wealth inequality is rapidly expanding. Instead, the letter asks Congress not to pass any tax bill that “further exacerbates inequality” and adds to the debt (both of the current Republican plans would add $1.5 trillion to the debt over 10 years).

The letter was penned by Responsible Wealth, a group of “enlightened” rich people that includes Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher and philanthropist Steven Rockefeller, in addition to Soros. Along with the big names are many individuals and couples who rank among the top 5% of Americans (those who have $1.5 million in assets or earn $250,000 or more a year).

In a rebuttal to Congress’s argument that corporate tax cuts will help stimulate growth, the letter argues that corporations are already reaping record profits. Instead of handing more money to the wealthy, the letter’s signers argue the government should use the funds to invest in education, research and roads that benefit everyone, while protecting entitlement programs like Medicaid.

In the letter, Congress’s push to repeal the estate tax was singled out for criticism. The tax, is only levied on assets worth more than $5.49 million ($11 million for couples) that are left to heirs. The House bill would eliminate the estate tax entirely. The Senate plan would double the threshold so people could inherit up to $11 million ($22 million for couples) tax free.

Only 5,000 families a year end up paying the estate tax. Under the Senate plan, that would drop to just 1,800 families, according to a report by the Joint Committee on Taxation, Congress's official nonpartisan estimators.

“Repealing the estate tax alone would lose an estimated $269 billion over 10 years — more than we would spend on the Food and Drug Administration, Centers for Disease Control, and Environmental Protection Agency combined,” the letter said.

Bob Crandall, a former American Airlines CEO, told the Post “I think a tax cut is absurd,” he said. Republicans are “saying we can’t afford to spend money, but we can afford to give rich people a huge tax break.”

Unsurprisingly, most of the signers of the letter come from California, New York and Massachusetts - states that went for Democrat Hillary Clinton in the last election. Former labor secretary Robert Reich, a backer of Bernie Sanders, also signed the letter. The campaign was organized by Responsible Wealth in partnership with Voices for Progress, another liberal organization.

One of the letter’s signers, a wealthy paper-mill scion from New York, pointed out the seeming absurdity in wealthy people asking Congress not to cut their taxes.

“This has to be one of the few times members of Congress have been visited by people saying, 'Don’t give me a tax cut,'" said Mike Lapham, who inherited sizable wealth from his family's paper mill in Upstate New York and now directs the Responsible Wealth project at United for a Fair Economy. "Wealthy people are saying it themselves: We don't need a tax cut."

Of course, like most political stunts of this caliber, we imagine the letter will be promptly ignored by Republicans. And many of the letter’s signers probably recognize this, too. Because if anybody believed the letter might actually influence the decision-makers in Congress, instead of serving solely as an instrument for virtue-signaling, we imagine there’d be a lot fewer rich people willing to sign.

Read the full letter below:

* * *

Dear Member of Congress:

We are high net worth individuals, many in the top 1%, who care deeply about our nation and its people, and we write with a simple request: Do not cut our taxes.

As you consider changes to the tax code, we urge you to oppose any legislation that further exacerbates inequality. Tax reform should be, at a minimum, revenue neutral—without using gimmicks like dynamic scoring. We are deeply concerned that revenue loss would lead to deep cuts in critical services such as education, Medicare and Medicaid, and would hamper our nation’s ability to restore investments in our people and communities.

The Republican tax plan would disproportionately benefit wealthy individuals and corporations with provisions including repealing the estate tax, repealing the Alternative Minimum Tax, and slashing the top pass-through tax rate. This proposal would mean wealthy people could pay a lower tax rate than many middle-class families and transfer massive inheritances to their heirs tax-free. Such proposals that benefit the wealthy would exacerbate the current wealth disparity in the U.S. where the top 1% of households hold 42% of the wealth.

We believe the key to creating more good jobs and a strong economy is not tax breaks for those of us who have plenty, but investing in the American people. Our civic institutions that help people meet basic living standards and protect the climate are critical to supporting our prosperity as a nation. Yet, Congress is already shortchanging the investments needed to strengthen our economy, and the Administration and some in Congress are looking for deeper cuts. Current federal funding for non-defense discretionary spending was slashed overall by more than 13% (adjusted for inflation) over the past seven years, leaving many programs severely underfunded. While Congress should be finding ways to increase funding for these vital investments, the Republican tax plan would instead add at least $1.5 trillion in tax cuts to the deficit over the next decade. This would leave us unable to meet our country’s current needs and restrict us in advancing any future investments.

A full repeal of the estate tax alone would lose an estimated $269 billion over 10 years —more than we would spend on the Food and Drug Administration, Centers for Disease Control, and Environmental Protection Agency combined. While these critical agencies help millions of people, repealing the estate tax would benefit just two out of every 1,000 estates. It is neither wise nor just to give wealthy people more tax breaks at the expense of working families, and it would be especially egregious to fund tax cuts for the wealthy by cutting or dismantling programs that help people meet fundamental human needs like healthcare or nutrition assistance.

Instead, 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.

Respectfully,

(signers)


 

Comments

canuck Nov 15, 2017 12:25 AM Permalink

And some kind of rebalancing of SDR is necessary to reflect world GDP, profits, and how much gold governments are willing to transfer to SDR to claim their share etc. Which country is trusted to run SDR? Maybe change location of World Bank, IMF etc to make clear symbolic distinctions.

canuck Nov 15, 2017 12:12 AM Permalink

Also, if it isn't blaringly obvious, SDR pricing would allow America to address it's trade imbalance and create jobs because dollar would rebalance. Who knows how long the deep state thinks it is advantageous to hold on to dollar to price things.

canuck Nov 14, 2017 11:50 PM Permalink

I think one can contrast or see similarities in Mellon's liquidate liquidate liquidate and the Minsky moment. My perspective is that money is most useful when it is occasionally disciplined so that perpetual printing whether public or private is reigned in and rebalanced. Not sure how they will avoid rampant inflation but I think if they control it to the greatest extent possible it would be least destabilizing. Who knows, the whole basis for civilisation is probably now beyond saving in any way.

canuck Nov 14, 2017 11:20 PM Permalink

Corruption is a problem fed by such a large share of money being beyond control of governments in tax havens. The balance between money and government is so out of wack that very few sensible projects can be financed through private or public investment. Private investment is tricky because of instability which seems to be getting worse. But the world is chugging along, consuming at a seemingly sustainable rate depending on what your take is on the anthropocene.

undertheradar Nov 14, 2017 10:42 PM Permalink

With the Chinese market now turning down, a deal between Goldman Sachs and China, I feel a collapse coming on which will affect consumption drastically and will hopefully be fixed by a combination of printing, debt restructuring, progressive taxes. If WWIII breaks out all bets are off.

canuck Nov 14, 2017 8:33 PM Permalink

Further inequaiity will definitely lead to printing somewhere down the line as the poor will be through borrowing as a way to further consumption.

Salem Nov 14, 2017 8:20 PM Permalink

"Letter was penned by (((Ben Cohen))) and (((Jerry Greenfield))), fashion designer (((Eileen Fisher))) and philanthropist Steven Rockefeller, in addition to (((Soros)))" Since they don't pay taxes, they need the goyim to pay taxes.

Ms No Nov 14, 2017 7:27 PM Permalink

Oh shit that is funny.  That ploy works like a charm though.  Decades after Buffet pulled that BS people still worship him.  Now they can add Rockefeller, Cohen and Soros.  They know they are in trouble if they are pulling these maneuvers.  Just wait until the economy collapses they are all completely screwed.  Nothing will save any of them once the real suffering starts.  None of this would have happened if they had used more agents and hung in the background.  Thank gawd they made that mistake. 

KekistanisUnite Nov 14, 2017 7:12 PM Permalink

Yes like George Soros even pays any taxes since he has all his money tied up in investment which is separate from income. Not to mention all the tax-exempt non-profit organizations that push far-leftism.

Come On Puu See Nov 14, 2017 5:11 PM Permalink

THE SOROS DEMON AND HIS FRIENDS ARE TRY TO PRESERVE THEIR ELITE WEALTH AND POWER STATUS AND PREVENT OTHERS WHO MAY COME UP FROM BELOW TO CHALLENGE THEM.  INFOWARS.COMREVOLUTIONRADIO.ORGZEROHEDGE.COMNATURALNEWS.COMGEOENGINEERINGWATCH.ORGFOODBABE.COMWHATDOESITMEAN.COMSLICKDEALS.NETDEALNEWS.COM

Catullus Nov 14, 2017 4:12 PM Permalink

Estate taxes are for preventing people from building dynastic wealth. It forces someone to sell assets to pay for the tax. Rich people have the resources to put assets into trusts or LLCs. A 40% tax on $10M has much more impact on someone's wealth status than going from $500M to $300M. The Estate Tax only ensconces a wealth caste system. It's an attempt by the elite to prevent upper middle class and moderately rich people from entering the club. This is how leftists think: https://www.salon.com/2017/09/25/removing-the-estate-tax-means-keeping-… understanding that the basic arithemetic of the problem of course.

Atomizer Nov 14, 2017 3:12 PM Permalink

Count how many tax dollars you saved during dirt nap. The old saying, you can't take your money to the grave. Your son is so laughable. Complete idoit. 

RedBaron616 Nov 14, 2017 3:11 PM Permalink

George, NOTHING is stopping you from paying additional money into the US Treasury. NOTHING. You should not have to be coerced, you Socialist/Communist. You should LOVE Big Government and donate to it every chance you get!

Sizzurp Nov 14, 2017 2:57 PM Permalink

Soros is welcome to personally give the government as much money as he wants, but given the number of complicated offshore shell corporations he utilizes to shield his money, his remarks seem disingenuous. 

crosey Nov 14, 2017 2:54 PM Permalink

Jorge, just pay more.  You don't need legislation to do that.  Oh, forgive me, you just wanted to make a comment that would get attention.

CingRed Nov 14, 2017 2:15 PM Permalink

Hey George!  You want to pay more?  Just write a check for 10 times the amount of tax you owe and I'm sure the US Treasury will gladly cash it.  Of course 10 times zero is still zero so you and your army of tax accountants and loophole lawyers can have a good laugh over the whole thing. If you really want to man up to your "civic" responsibility just make the check out for a billion or two.  You do that and I'll eat the contents of our kitty litter box for a week, but you and I know that neither of those two things is ever going to happen because you're a hypocrite and I know your kind.

Froman Nov 14, 2017 2:12 PM Permalink

Another worthless PR stunt by Satan, err, rather Soros.  Soros does not pay any taxes, neither does Buffet or Bill Gates or the rest of them.  They manipulate the tax codes to their advatage, move money to off shore tax heavens, etc.  If Congress got rid of ALL deductions and had a graduated flat tax and eliminated non-profit foundation deductions then you would see some of these idiots paying up but outside of that or instituting a VAT they will never pay their fair share.  With regard to Satan (Soros) I still think that they should put him on the domestic terrorist list and seize all of his funds as well of those of his Open Society group. 

TheSharpenedPen Nov 14, 2017 1:33 PM Permalink

These so called 'enlightened' (some would say illumined) assholes don't want you to lower the taxes because they help keep their competitors down. As lord Rockefeller once said: "competition is a sin". Jack wads like Soros and Buffet don't pay their taxes anyway. It's kind of like gun control: it's for the masses, not for those in power.

shimmy Nov 14, 2017 1:29 PM Permalink

I love these libtard jackasses. Nothing is stopping them from paying more than they are told they need to. I am so sick of these fuckers. 

Vageling Nov 14, 2017 1:22 PM Permalink

Nice try. Not buying it. I can already hear them sing.Imagine all the sheeple,Jizya we make them pay.All those funds to leech off,It really makes up our day.Imagine all the goyim,Doing as we obey. These guys and their hidden agenda. 

Last of the Mi… Nov 14, 2017 1:19 PM Permalink

This guy doesn't open his eyes in the morning without thinking about new way to steal other peoples' money and and undermining the US constitution through divide and conquer Alinsky tactics. He's virtue signaling while his minions lobby senators and congressmen for what he relly wants. This man wouldn't tell you the truth on a bet, unless his pay off is massive and even then he'll screw you on the way out of the room. 

overmedicatedu… Nov 14, 2017 1:05 PM Permalink

soros like gates and buffet, move their wealth into trusts which avoid taxes..when asked about this buffet said "he can spend his money better than .gov"...however you and I should give our money to .gov cause well we ain't buffet I guess