Wealthy Americans sign letter asking Congress not to cut their taxes

Wealthy Americans sign letter asking Congress not to cut their taxes

Instead, they say they want taxes on the wealthy to be raised, the Washington Post reported.

Responsible Wealth, a group that advocates progressive causes. "Everything in our tax system is meant to encourage investment". The Congressional Budget Office's analysis of the House tax plan estimates that it would add $1.7 trillion to the federal deficit over the first decade.

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.

■ Four out of five dollars of the tax cuts will flow to the top 1 percent of the population, thus increasing the gap between those with unimaginable wealth and power and the rest of us.

"Do not cut our taxes".

According to Mark Mazur, Tax Policy Center, the bill would amount to a decent tax decline for the majority of the USA households.

The letter, organized by Responsible Wealth-a network that describes itself as "beneficiaries of economic policies tilted in their favor"-urges the members of Congress "to oppose any legislation that further exacerbates inequality", and notes that the GOP proposal "would disproportionately benefit wealthy individuals and corporations with provisions including repealing the estate tax, repealing the Alternative Minimum Tax, and slashing the top pass-through tax rate". The proposed tax cuts mainly benefit passive owners of stock and property and offspring whose main accomplishment is choosing the right parents. That would be devastating for all but the wealthiest Americans.

■ Of the $1.5 trillion in tax cuts, $1 trillion will go to businesses and corporations, with only $200 billion going to individuals, most of whom will be upper middle class or wealthy.

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.

The Republican tax plan cuts taxes on average for people in multiple tax brackets, including the highest earners.

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