A group of more than 400 U.S. billionaires and millionaires are sending a letter to Congress this week urging GOP leaders not to cut their taxes, according to The Washington Post.
The Post on Sunday reported that the message presses Congress not to pass any tax bill that increases the debt and “further exacerbates inequality.”
The group of wealthy Americans includes CEOs, doctors, entrepreneurs and lawyers say that Republicans are mistaken for reducing taxes on the wealthiest U.S. families at this time.
The coalition maintains in their letter that Congress should instead raise taxes on rich people like them, citing the high national debt and major wealth inequality.
“I think a tax cut is absurd,” said Robert “Bob” Crandall, a former American Airlines CEO whose name is on the message.
“[Republicans are] saying we can’t afford to spend money, but we can afford to give rich people a huge tax break,” he added. “This makes no sense.”
“I have a big income. If my income gets bigger, I’m not going to invest more. I’ll just save more.”
The plea was assembled by Responsible Wealth, a liberal organization that advocates for progressive causes.
The letter’s signers include billionaire hedge fund manager George Soros and philanthropist Steven Rockefeller.
Fashion designer Eileen Fisher also signed the document, as did Ben & Jerry’s Ice Cream founders Ben Cohen and Jerry Greenfield.
The House and Senate have each unveiled tax frameworks earlier this month that they hope to pass and send to President Trump’s desk by Christmas.
The two bills have significant differences, but both cut taxes, on average, for many billionaires and millionaires.
Congressional Republicans and the White House have argued that the measures would inspire more investments in the economy.
The money that corporations and the rich save on their taxes, they maintain, would likely be used on starting new companies or building fresh factories.
The letter’s signers contend, however, that corporations are already reaching record profit levels and that wealthy people do not need more money.
The group charges that the funds would be better spent by the government on investments in education, research, roads and safety net programs like Medicaid.