Millionaires and billionaires to urge Congress not to cut their taxes

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Edited Pelosi Video vs. the Original: A Side-by-Side Comparison

A manipulated video of Speaker Nancy Pelosi that makes it seem as if she is slurring her words has spread across social media. Above, we compared it with the original video of her remarks on May 22.

Original video: We want to give this president the opportunity to do something historic for our country. While there are those in our family who think, why would you work with him if he, you know — and basically he’s saying back to me, why would I work with you if you’re investigating me? But the fact is something happened there. Altered video: We wanted to give this president the opportunity to do something historic for our country. While there are those in our family who think why would you work with him if he, you know — and basically he’s saying back to me, why would I work with you if you’re investigating me? But the fact is something happened there.

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More than 400 millionaires and billionaires will reportedly ask Congress not to cut their taxes.

The group, which includes doctors, lawyers and chief executives, plans to send a letter to Congress and ask that their taxes not be cut under the GOP tax overhaul, The Washington Post reported.

The letter asks Congress not to pass a bill that "further exacerbates inequality." It also says the tax bill should not add to the country's debt.

The letter, put together by Responsible Wealth, a network that promotes progressive issues, says the GOP plan should increase taxes on the wealthy.

Some people who have signed onto the letter include Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher, billionaire hedge fund manager George Soros and philanthropist Steven Rockefeller.

“I think a tax cut is absurd,” said Bob Crandall, a former American Airlines chief executive who signed the letter. 

Republicans are “saying we can’t afford to spend money, but we can afford to give rich people a huge tax break. This makes no sense,” Crandall said.

House Republicans are nearing an initial victory on tax reform. Legislation is expected to get a vote this week on the House floor.

Senate Republicans released their own tax bill last week — a measure that has several differences from the House bill.

The Senate bill cuts individual and corporate tax rates and eliminates some tax preferences in the current code, but not as many as are repealed in the House bill.

Democrats have criticized the plan.

Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerKarl Rove argues Clinton's impeachment was 'dignified' Trump attacks Democrats over impeachment following call with military members Impeached, with a solid base and no apologies — Trump becomes the only issue of 2020 MORE (D-N.Y.) said Sunday the GOP tax plan would provide tax cuts for wealthy individuals and corporations while cutting tax breaks that provide relief to the middle class.

An analysis by the Joint Committee on Taxation found all income groups on average would see their taxes go down under the Senate Republicans' tax bill.