The world’s wealthiest billionaires are still paying taxes, despite the Trump administration’s efforts to end the practice.
The billionaire class, including the world’s richest, have been lobbying the Trump White House to end a decades-long practice known as “double taxation,” whereby corporations pay taxes twice on income that is earned overseas and paid in the United States.
The practice is a controversial topic, and Trump has been criticized for encouraging it.
But the U.S. Department of Justice is moving to end it, arguing that it hurts the economy.
The DOJ’s decision is expected in the coming weeks.
In a letter to Trump on Monday, the group of billionaires wrote that while the U:s tax code was created in a time of economic hardship and hardship has increased over time, it should not be viewed as an “absurd, capricious, arbitrary, or inequitable tax burden” that has no place in a 21st century economy.
Instead, the billionaires argued that the “vast majority” of tax returns are properly filed and taxed by the federal government, which is why it should be treated like any other tax return.
The letter also suggested that Trump’s move would “seriously harm our economy,” as it would make it harder for companies to hire and invest and would “limit our ability to attract and retain talented, skilled workers.”
The group of wealthy individuals and families, along with other groups, is expected to announce a series of tax-reform bills next month.