More than 400 millionaires tell Congress: Don’t cut our taxes
19:00, Monday, 13 November, 2017
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 White House and congressional Republicans argue that everything in the bill is geared toward pumping more investment into the U.S. economy. They say the money that corporations and the rich save on their taxes would likely be used to start new companies or build new factories.