Over 400 millionaires urge Congress: "Do not cut our taxes"

Over 400 American millionaires including Ben & Jerry's Ben Cohen and Jerry Greenfield, billionaire George Soros, Steven Rockefeller, and fashion designer Eileen Fisher have signed a letter that tells Congress they don't want their taxes cut.

"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, which will be sent out this week by the progressive group Responsible Wealth.

An excerpt from the letter:

We believe the key to creating more good jobs and a strong economy is not tax breaks for those of us who have plenty, but investing in the American people. Our civic institutions that help people meet basic living standards and protect the climate are critical to supporting our prosperity as a nation. Yet, Congress is already shortchanging the investments needed to strengthen our economy, and the Administration and some in Congress are looking for deeper cuts. Current federal funding for non-defense discretionary spending was slashed overall by more than 13% (adjusted for inflation) over the past seven years, leaving many programs severely underfunded. While Congress should be finding ways to increase funding for these vital investments, the Republican tax plan would instead add at least $1.5 trillion in tax cuts to the deficit over the next decade. This would leave us unable to meet our countrys current needs and restrict us in advancing any future investments.

But Republicans in congress see it differently. According to the The Washington Post:

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...

But signers of the Responsible Wealth letter disagree, arguing that corporations are already at record profit levels and that wealthy people don't need more money. They would rather see the government use the funds to invest in education, research and roads that benefit everyone and to ensure that safety net programs such as Medicaid aren't cut.

Most of the letter's signatures come from residents of California, New York, and Massachusetts.