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Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes

Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes

In an open letter to lawmakers, over 400 millionaires have asked Congress not to cut their taxes, arguing that doing so would exacerbate income inequality and result in "deep cuts in critical services such as education, Medicare and Medicaid".

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.

Furthermore, they note that the Republican tax plan would disproportionately benefit the wealthy, while adding at least $1.5 trillion in tax cuts to the current national debt.

The letter was compiled by Responsible Wealth, a group that advocates for progressive causes.

Some of the signatories included the founders of Ben & Jerry's ice cream, Ben Cohen and Jerry Greenfield, billionaire George Soros, philanthropist Steven Rockefeller and fashion designer Eileen Fisher. "This makes no sense", Crandall said.

The belief is that putting more money into the pockets of individuals will spur more investment in the USA economy, and more revenue for corporations can lead to new business ventures and more job creation. They say the money that corporations and the rich save on their taxes would likely be used to start new companies or build new factories, the Post explained.

"Do not cut our taxes".

I don't believe "populists" think it is more important to be able to prepare their taxes on a postcard if it means they are bumped into a higher, if compressed, tax bracket.

More news: Wells Fargo & Company (WFC) Holdings Boosted by 440 Investment Group LLC

The group, which calls itself Responsible Wealth, represents liberal CEOs, doctors and lawyers who plan to send a letter to Congress asking that their taxes not be cut under the Republicans' proposed tax reform law, according to The Washington Post.

But some of the wealthiest Americans have pleaded with Congress not to go ahead with the tax reforms, claiming the timing was wrong with debt rising and inequality at its highest levels for almost 100 years.

Why that's easy: take away the deductions that middle class people use: So, if your employer gives you something to help you take care of aging parent or daycare for your child, those benefits will now be taxable income (that would offset $6.5 billion of the $200 billion). That would be devastating for all but the wealthiest Americans.

The Democrats drew this analysis in an attempt to target the proposals of the House Republicans and portray them as a trick to lure the wealthier households.

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.

President Donald Trump's plan to revive the US economy largely consists of tax cuts for large corporations, businesses and wealthy oligarchs.

When it comes to specific changes, the poll found that 46 percent of Americans oppose limiting the mortgage interest deduction, compared to 35 percent who support the change. A 0.4 percent boost might be enjoyed by the middle-income households. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.

The Reuters/Ipsos poll was conducted in early November online in English throughout the United States.


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