More than 400 millionaires tell Congress: Don't cut our taxes

Wednesday, 15 November 2017, 06:33:05 AM. More than 400 American millionaires and billionaires are sending a letter to Congress this week urging Republican lawmakers not to cut their taxes.
More than 400 American millionaires and billionaires are sending a letter to this week urging Republican lawmakers not to cut their taxes. The wealthy Americans, which include doctors, lawyers, entrepreneurs and CEOs, say the is making a mistake by reducing taxes on the richest families at a time when the the nation's debt is high and inequality is back at the worst level since the 1920s. The letter calls on Congress to not to pass any tax bill that adds to the debt and that "further exacerbates inequality." Instead of cutting taxes of 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 which 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 for progressive causes. Signers include Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher, billionaire hedge fund manager and philanthropist Steven , as well as many individuals and couples who aren't household names but have at least $1 million in assets. "I think a tax cut is absurd," said Robert "Bob" Crandall, a former American Airlines CEO who now lives in Florida and added his name to the letter. Republicans are "saying we can't afford to spend money, but we can afford to give rich people a huge tax break. This makes no sense," Crandall said. Cutting taxes on...Read more
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