Hundreds of Wealthy Americans Say NO to More Tax Breaks for Rich

Emergency Campaign for America's Priorities
For Immediate Release
Contact: Brad Woodhouse or Moira Mack
Date: November 16, 2005
Phone: (202) 955-1002

Hundreds of Wealthy Americans Say NO to More Tax Breaks for the Rich Financed by Spending Cuts on Initiatives which Support the Poor and Middle Class

ECAP, UFE Holds Press Conference Call with Wealthy Americans, Releases Open Letter to Congress Signed by More than 200 Wealthy Americans

Washington - Today, on the eve of an expected vote in the Senate on a tax bill which would pave the way for a windfall of tax breaks for the wealthiest of Americans, ECAP and United for a Fair Economy (UFE) held a national press conference call with half a dozen wealthy Americans who oppose additional tax breaks for themselves and other wealthy Americans which are proposed to be financed by slashing programs for the poor and middle class. In addition to the conference call, ECAP and UFE delivered an open letter to every member of Congress signed by more than 200 wealthy Americans, investors and business owners who expressed their collective opposition to the GOP leadership's effort to slash funding for Food Stamps, Medicaid and student loans to finance tax breaks for the wealthy. The letter and the short biographies of those who participated in today's call can be found below. Where telephone numbers have been provided, these individuals have agreed to be contacted for additional interviews.

BIOS

Richard Adler lives in New Orleans and is retired from a career in shipbuilding. He has substantial stock ownership and would benefit from the tax cuts. He opposes the tax cuts out of concern that the growing federal deficit will leave a terrible legacy of debt for the coming generations, and because government should have funds for rebuilding the Gulf Coast and protecting it from future disasters without cutting food programs for the hungry.

Katherine Harmeyer of Phoenix, AZ is a securities arbitrator, private investor, and retired attorney. She also is a co-owner with her husband Allan of a real estate development firm. Although she is a stockholder and benefits from the reduction in the income tax, dividend, and capital gains rates, and her heirs would potentially benefit from the reduction/elimination of the federal estate tax, Katherine opposes these measures because it is inequitable to shift taxation from wealthy to middle class taxpayers, which only exacerbates the large and growing wealth divide that threatens our democracy.

Leigh Pomeroy is a small business owner and part-time university instructor living in Mankato, Minnesota. He admits being fortunate in that he comes from a family that is quite comfortable and thus has benefited from the tax cuts of the last four years, and would benefit more from cuts in capital gains, dividend and estate taxes.

Bill Creighton from Freeport ME is the owner of Sea Tow Midcoast Maine, a business that provides commercial marine assistance and salvage. He is also a member of Responsible Wealth and a stock owner. Although he would benefit from the tax cuts, he opposes cuts in the capital gains and dividend taxes because he thinks investment income should be taxed at the same rate as income from work as a matter of fairness.

Dr. Elizabeth Letzler is a professor of management at Manhattan College in Riverdale, NY. She is a former banker, Certified Financial Planner, securities arbitrator, and manages a large family portfolio of investments. She and her family are in the top 1% of beneficiaries of the Bush tax cuts, most notably the reduction in tax on dividends. As a signer of the RW Tax Pledge, Dr. Letzler has donated all benefit this year from the reduction in dividend tax to charity.

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An Open Letter to Congress:

We, the undersigned business owners, investors, and wealthy individuals, including members of Responsible Wealth and signers of the Call to Preserve the Estate Tax, believe Congress is setting the wrong priorities by cutting vital services in order to pay for tax cuts that disproportionately benefit wealthy taxpayers and large corporations. The proposed budget would deepen our nation's deficit by $168 billion over the next five years.

The proposed cuts in Medicaid, student loans, child support, and other programs will harm millions of children and their families, including hurricane victims. How can Congress cut key services after Hurricane Katrina exposed deep poverty and huge needs for assistance? A more economically polarized society is not good for any of us. We call upon Congress to join us in embracing a sense of shared sacrifice during this challenging period in our nation's history.

We urge you to pay for rebuilding the Gulf Coast and reduce the deficit by repealing the 2001 and 2003 tax cuts for people making over $200,000 per year. This would raise $43 billion next year, according to the Tax Policy Center. Freezing the estate tax, which in 2004 only affected heirs of 31,000 multi-millionaires, would save $41 billion over 5 years. These tax changes would share the sacrifice more fairly.

Another way to fund important domestic priorities is by reducing unnecessary or wasteful military spending.

We ask you to set priorities that put the interests of average Americans before the special interests of big business and the wealthy. We urge you to oppose the misguided budget reconciliation bill.

Sincerely,