While President Donald Trump and the Republican Party aim to produce a tax plan that favors the middle class, some have concerns the rich will benefit more from the proposed legislation.
New Jersey millionaire and private investor Eric Schoenberg—part of a nonpartisan group called Patriotic Millionaires, a group which, among other objectives, favor said tax reform, particularly one that would not benefit the rich.
“The rich should not be paying one penny less—we need that revenue,” he told FOX Business’ Stuart Varney on “Varney & Co.” “And the wealthy already pay much less in taxes.”
Schoenberg, who said he has an income of “over $1 million a year,” explained that he pays fewer taxes than much of the middle class because of certain benefits. He added that the government needs look into the way capital and investment income are taxed.
“That is the primary benefit that goes to the wealthy in this country. That is the reason why people like Warren Buffett pay less in taxes than working-class people,” Schoenberg said.
The private investor said while the Republicans has been in control of the tax reform agenda, they have not talked about controlling spending and that “all they’re talking about is cutting taxes, primarily on the wealthy.”
Schoenberg said the discussions about what leads to economic growth are complicated, but doesn’t believe there is clear evidence “in favor of any of them.”
“The one thing we have very clear evidence about is the consequence over the last 30 years, every time Congress has gone to mess with the tax system, I have come out ahead,” he said.