More than 400 millionaires tell Congress: Dont cut our taxes

https://www.washingtonpost.com/news/wonk/wp/2017/11/12/more-than-400-millionaires-tell-congress-dont-cut-our-taxes/?hpid=hp_hp-top-table-main_taxreform-550pm%3Ahomepage%2Fstory&utm_term=.79a16782aacb

By Heather Long at the Washington Post

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More than 400 American millionaires and billionaires are sending a letter to Congress this week urging Republican lawmakers not to cut their taxes.

The wealthy Americans — including doctors, lawyers, entrepreneurs and chief executives — say the GOP is making a mistake by reducing taxes on the richest families at a time when the nation's debt is high and inequality is back at the worst level since the 1920s.

The letter calls on Congress not to pass any tax bill that “further exacerbates inequality” and adds to the debt. Instead of petitioning tax cuts for the wealthy, the letter tells Congress to raises taxes on rich people like them. It is being released publicly this week, as Republicans debate legislation that would add $1.5 trillion to the debt to pay for widespread tax cuts for businesses and individuals.

The letter was put together by Responsible Wealth, a group that advocates progressive causes. Signers include Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher, billionaire hedge fund manager George Soros, and philanthropist Steven Rockefeller, as well as many individuals and couples who aren't household names but are part of the top 5 percent ($1.5 million in assets or earning $250,000 or more a year).

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