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Wealthy Americans sign letter asking Congress not to cut their taxes

Hundreds of rich American taxpayers have signed a joint letter calling on Congress to reject Republicans' proposed tax plan, saying it would disproportionately benefit wealthy people and corporations at the expense of everyone else.

The 400-plus signers are all in the top 5% of Americans by income or wealth, according to a press release by United for a Fair Economy's Responsible Wealth project. Signers include recognizable last names like Rockefeller and Disney as well as financiers and former CEOs.

"Tax reform should be, at a minimum, revenue neutral – without using gimmicks like dynamic scoring," the letter reads, a reference to what economists say are Republicans' overly optimistic estimations that economic growth will offset the loss in tax revenue. The Congressional Budget Office's analysis of the House tax plan estimates that it would add $1.7 trillion to the federal deficit over the first decade.

"It is neither wise nor just to give wealthy people more tax breaks at the expense of working families, and it would be especially egregious to fund tax cuts for the wealthy by cutting or dismantling programs that help people meet fundamental human needs like healthcare or nutrition assistance," the letter continues. "We call on Congress to raise our taxes to bring in much-needed revenue and to restore investments in vital services."

"Under no circumstances should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations," the letter concludes.

Among the signators are filmmaker Abigail Disney, former Rockefeller Brothers Fund chairman Steven Rockefeller, former American Airlines CEO Robert Crandall, professor Neva Rockefeller, former U.S. Labor Secretary Robert Reich, billionaire activist and financier George Soros and clothing designer Eileen Fisher. Though the Responsible Wealth website is currently down, you can see a cached version of the letter here.

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