Ben & Jerry's co-founder wants to pay more taxes: Here's why.

Tax Reform FOXBusiness

Why the Ben & Jerry's co-founders want taxes to increase on millionaires

Ben & Jerry's co-founder Ben Cohen explains why he thinks Congressional Republicans should increase taxes on the wealthy in their tax reform plan, which they've said could be passed by the end of the year.

In a somewhat uncanny turn of events, several hundred millionaires, including Ben & Jerry’s co-founders Ben Cohen and Jerry Greenfield, penned a letter to Congress making a rather unusual request: They wanted Republicans to increase taxes on the wealthy.

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“We need to deal with the shift in wealth that’s gone to all of the people at the very top,” Cohen told FOX Business’ Liz MacDonald during an interview Thursday. “And it’s the people at the very bottom that are losing out.”  

House Republicans voted to approve their version of the tax reform bill -- which would immediately lower the corporate tax rate from 35% to 20% and decrease the number of income brackets from seven to four -- on Thursday.

The Senate’s plan heads to vote on Friday, but amid Sen. Ron Johnson’s (R-Minn.) dissent, some are skeptical that it will pass. Key differences in this plan include a phase-in of the corporate rate reduction in 2019 and the decision to maintain seven income brackets.

Regardless of which plan eventually passes -- the GOP has made tax reform its staple in recent months, and has repeatedly promised to pass it by Christmas -- Cohen said that most of the tax breaks will go toward the wealthy in the country. To counter that imbalance, he suggested that the super wealthy should not receive tax breaks in the plan.

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While Republicans have painted their tax reform plans as a means to create jobs, stimulate the economy and revitalize the middle class, Democrats have criticized the bill, lambasting it as cuts for the wealthy.

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Cohen and Greenfield were both among the prominent supporters of Sen. Bernie Sanders (I-Vt.) during the 2016 presidential election, even coining a new ice cream flavor in honor of the Democratic candidate.

“I’m saying that people who have a bunch of money don’t need more,” he said. “And that’s what this tax plan -- tax scam -- is about. It’s kind of a wolf in sheep’s clothing.” 

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