"Outrageous" Tax Cut for Tech Millionaires Opposed

(Metropolitan Washington Council, AFL-CIO)A bill to cut taxes for tech investors has drawn the opposition of the Metro Council and other allies. “This would mean that tech millionaires would pay a lower tax rate than ordinary DC residents,” said Metro Council President Jos Williams. “It’s unfair, ill-advised and frankly, just plain outrageous.” The “Tech Sector Enhancement Act,” up for a vote in the DC Council on Wednesday, would lower the tax on tech investments to 3%. “Lowering tax rates for the wealthy and risking more revenue loss in an economy that’s still struggling to recover makes no sense,” said Williams. Added Ed Lazere, Executive Director at the DC Fiscal Policy Institute, “There is no justification for turning our income tax upside down and letting some of our wealthiest residents pay the lowest income tax rates.”