American millionaires and billionaires are banding together to urge Republicans in Congress to raise their taxes instead of cutting them.
In a letter first reported by The Washington Post on Sunday, more than 400 of America’s wealthiest citizens are asking congressional Republicans to reconsider tax reform legislation that would dramatically lower taxes for corporations and the rich. The House is expected to vote on its version of the bill this week, and Republican leaders anticipate the proposal will pass.
“We are high net worth individuals, many in the top 1%, who care deeply about our nation and its people, and we write with a simple request: Do not cut our taxes,” says the letter crafted by the advocacy group Responsible Wealth.
Signers include billionaire George Soros and philanthropist Steven Rockefeller, according to the Post. Responsible Wealth also invites individuals in the top 5 percent of wealth or income (roughly $1.5 million in household net assets or $250,000 household income) to sign the letter.
The group takes aim at the GOP tax proposals that would benefit the most affluent Americans and increase income inequality. The letter also criticizes proposals for benefitting corporations over individuals ― a point made in this exchange with Rep. Susan DelBene (D-Wash.).
Read the letter in its entirety here.