Millionaires Urge Congress to Raise Their Taxes

Millionaires Urge Congress to Raise Their Taxes

Millionaires Urge Congress to Raise Their Taxes

And like Obamacare, the Republicans are concocting their mega-trillion dollar plan in secret, without any input from experts, analysts, or representatives of the vast majority of Americans, the Democrats, ramming their tax plan through the Congress, to satisfy billionaire donors and special interests, and put a "win" on the board before year-end so they don't look like complete inept fools.

We need responsible tax reform that simplifies the tax code, helps small businesses, closes loopholes for corporations and the wealthy, and strengthens progressive tax rates. Instead, they are asking that taxes be increased for the wealthy. I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".

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■ 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.

In the letter, from the group called Responsible Wealth, over 400 millionaires have said the tax plan would "disproportionately benefit wealthy individuals and corporation" which would mean that "wealthy people could pay a lower tax rate than many middle-class families and transfer massive inheritances to their heirs tax-free". The proposed tax cuts mainly benefit passive owners of stock and property and offspring whose main accomplishment is choosing the right parents. The Republicans, on the other hand, have been selling the tax reform as a big advantage to the entire middle class of the United States and also a huge lift to economic growth, job development, and investment. Between 2010 and 2016, the share of wealth controlled by the top one percent of earners steadily grew, according to Federal Reserve data, reaching a record-high of 38.6 percent in 2016.

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However, 76 percent said it was more important to cut taxes for corporations than it was to cut taxes for the 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.

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