'Patriotic Millionaires' Group Slams Donald Trump's Tax Plan

The Patriotic Millionaires weighed in on Donald Trump's fiscal plans Tuesday, and this group of 200 wealthy Americans claims it has roundly rejected" the bulk of his proposed tax reform that would give massive tax breaks to the wealthiest individuals and corporations in America.

One small segment of Trump's tax proposal members of the group do support is an end to the carried interest tax loophole, which allows hedge fund managers to pay lower taxes than working class Americans.

Here's what some of the Patriotic Millionaires had to say in a written statement issued in Washington, D.C.:

"Donald Trump claims to be willing to raise taxes on the very rich to help the middle class and pay for public investments. He pretends to be different from the corporate Republicans, but his tax plan is just more of the same -- massive tax cuts for the very rich, like me, and smoke and mirrors to disguise the enormous deficits and spending cuts that would fall on the middle class," said David desJardins, former Google engineer and Angel Investor.

“Donald Trump's plan is just more Voodoo Economics. All available evidence shows clearly that tax cuts for the wealthy do NOT pay for themselves. When millionaires like me get a tax cut, do we go right out and hire more workers? No. Job creation happens if and when there is an increased demand for our products and services. And that only happens when the consumers of those products and services, not the producers, have more money to spend. Millionaires like me don't need a tax cut,” said David Goldschmidt, director of the ARKAY Foundation.

“As a business owner, I would much rather have a healthy economy than a lower personal tax rate. The last time tax rates were reduced for the highest incomes we ended up with the Great Recession of 2008. Supply side economics does not work. Let’s not make the same mistake again. Ours is a consumer-based economy. Let’s increase demand by giving tax breaks to the lowest incomes so they will go out and buy more stuff and use more services. That’s the best way to help me and my business,” said Frank Pattiucci, CEO of NuCompass Mobility Services.

“I watched Erin Burnett repeatedly asking Donald Trump how he will make up the shortfall after taxes are lowered on virtually everyone, including the wealthy. He admitted closing a (very) few loopholes would not fund the shortfall, so he essentially reverted back to the tired conservative 'trickle down' adage, but we all know this theory has not worked. Why aren't we talking about the best ways to move the pendulum back, little by little, so that we can recapture some of the egalitarian culture which best assures the sustainability of our capitalism, our culture, and our leadership on the global stage?” asked Dale Walker, vice chairman, Pacific Vision Foundation.

Here's a video of Patriotic Millionaires describing the "craziness" of the carried interest tax loophole. Click here.

The Patriotic Millionaires is a group of more than 200 Americans with annual incomes over $1 million and/or assets of more than $5 million. It says publicly that members believe the country’s current level of economic inequality is both dangerous and immoral. According to the Millionaires' website, "They recognize that while there are many causes of inequality, the current level of economic disparity is largely the result of a multi-decade effort by wealthy elites to enact legislation designed to enhance their personal wealth and their political power" ... are are dedicated to reversing these policies and ensuring that the legislative capture that led to their adoption comes to an end."