Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul
Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul
Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes - Letter
15 November, 2017, 01:57
Trump even boasted about his "brilliance" at claiming almost $1 billion in tax refund, and said he had a "fiduciary" responsibility to pay the least amount of tax. Though the Responsible Wealth website is now down, you can see a cached version of the letter here.
Is the problem with American tax system that the wealthy and most profitable corporations pay too much tax, strangling economic development?
Republicans would end a program that states and local governments use to help finance affordable housing and let homeowners take a tax credit on their mortgage, shaving $38.9 billion of that $1.7 trillion.
They actually want Congress to raise taxes on the wealthy.
It seems like the richest 1% households in the United States will be the recipients of nearly 50 percent of the benefits promised by the Republican tax reform by 2027.
Republican mega-donors are threatening to cut funding to the party if it fails to pass tax "reform". I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".
To be sure, Americans are more likely to believe the wealthy will benefit most from the tax reform now being pushed in the U.S. Congress by Republicans who insist their goal is to help the middle class, according to a Reuters/Ipsos opinion poll released.
Everyone loves paying less in taxes, right? That would be devastating for all but the wealthiest Americans.
President Donald Trump's plan to revive the US economy largely consists of tax cuts for large corporations, businesses and wealthy oligarchs.
And while those polled did not think that the middle class will benefit most, an overwhelming majority thought that they should.
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. A 0.4 percent boost might be enjoyed by the middle-income households.
The Republican tax plan would only add to income inequality and with measures like eliminating the estate tax, effectively create an aristocracy.
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