Hundreds of America’s wealthiest(=richest) are begging(=asking) Congress not to lower(=reduce) their taxes.
More than 400 American millionaires and billionaires have signed a letter made public this week, in which they urge(=ask) Congress to raise(=increase), rather tan(=instead of) cut(=decrease), their taxes.
In the letter, the signatories(=people who sign) ask Congress not to pass a tax bill(=law) that “further exacerbates(increases) inequality” and adds to the national debt(=money that must be returned). They note(=say) a concern(=preoccupation) that revenue loss(=less money) “would lead to deep cuts in critical(=important) services such as education, Medicare and Medicaid, and would hamper(=reduce) our nation’s ability to restore(=recover) investments(=money/value multiplication) in our people and communities.”
Furthermore, they note(=say) that the Republican tax plan would disproportionately benefit the wealthy, while adding at least $1.5 trillion in tax cuts to the current(=today´s) national debt(=money that must be returned). This deficit “would leave us unable to meet(=cover) our country’s current needs and restrict us in advancing any future investments(=money/value multiplication),” the letter continues.
Liberal group Responsible Wealth led the effort, gaining(=adding) signatures from the likes of(=people like) Ben & Jerry’s co-founders Ben Cohen and Jerry Greenfield, billionaire George Soros, philanthropist Steven Rockefeller, and fashion designer Eileen Fisher. The Washington Post notes(=says) many others who “aren’t household names”(=famous) but have at least $1 million in assets(=wealth) are among the other signers(=people who sign).