Friday, 24 November, 2017

Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes

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Melinda Barton | 15 November, 2017, 01:59

"Repealing the estate tax alone would lose an estimated $269 billion over 10 years - more than we would spend on the Food and Drug Administration, Centers for Disease Control, and Environmental Protection Agency combined", the letter said.

Responsible Wealth, a group that advocates progressive causes.

Is the problem with American tax system that the wealthy and most profitable corporations pay too much tax, strangling economic development?

"Instead (of cutting taxes), we call on Congress to raise our taxes to bring in additional much-needed revenue and to restore investments to vital services".

Hundreds of America's wealthiest are begging Congress not to lower their taxes.

"In fact, over several decades, the corporate tax rate has withered as a source of revenue for the government", from accounting for 4 percent of gross domestic product in 1967 to just 1.6 percent past year.

The Tax Foundation had released an earlier report that focuses on the growth advantages of the tax reforms and is hence given more weight by the Republicans. Passage of these tax cuts will move us from a "Plutocracy" that already threatens our democracy to an "Inheritocracy" where "the rich own everything and everyone else is on their own".

And while those polled did not think that the middle class will benefit most, an overwhelming majority thought that they should.

The poll found 32 percent of Americans think the wealthy will benefit most, compared to 14 percent who think all Americans will benefit and 14 percent who think large US corporations will benefit most.

Despite an insistence by Republicans that their goal is help the middle class, only 8 percent of Americans think that demographic will benefit the most, the poll, which was conducted November 3-8, found.

But broadly speaking, both the Senate and the House versions of the GOP tax plan would primarily benefit the wealthiest earners and corporations, according to analyses by Vox and the Washington Post.

The strongest opposition came to the Republican proposal to eliminate deductions for medical expenses, with 54 percent saying they are against the change and 32 percent saying they support it.