Millionaires Urge Congress to Raise Their Taxes


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 GOP is "saying we can't afford to spend money, but we can afford to give rich people a huge tax break".

I don't know if I would get a tax cut under this bill, but even if I did, I wouldn't want it.

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.

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.

"Tax reform should be, at a minimum, revenue neutral-without using gimmicks like dynamic scoring".

The poll found 79 percent think its more important to cut taxes for the middle class than for corporations, and 76 percent think its more important to cut taxes for the poor than for corporations. That would be devastating for all but the wealthiest Americans.

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The Republican tax plan would only add to income inequality and with measures like eliminating the estate tax, effectively create an aristocracy.

Republicans are planning to pass the bill to vote already this week.

■ Households making more than $900,000 a year would see their taxes reduced by an average of $200,000 a year, or about 22 percent of their incomes, while households making $59,000 will see a tax cut of $1,182, or a reduction of about 2 percent of their incomes.

They take away deductions for state and local taxes, effectively double-taxing New Yorkers on that income (driving down home values, in the bargain), as well as deductions for education, medical expenses, home mortgage interest - in essence, the key rungs used by working people for upward mobility.

■ 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.

Meanwhile, the Treasury would be short some $3.4 trillion in the first 10 years, and $5.9 trillion the decade after.