Wealthy Americans sign letter asking Congress not to cut their taxes

Wealthy Americans sign letter asking Congress not to cut their taxes

The move comes amid a planned tax overhaul that could see huge tax cuts that would add around $1.5tn to the U.S. debt burden. Though some promise that tax cuts will stimulate business activity and thereby increase tax collections enough to replace what is lost, most economists believe this is a pipe dream.

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 proposed tax cuts mainly benefit passive owners of stock and property and offspring whose main accomplishment is choosing the right parents.

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

The Republican budget calls for cutting more than $1 trillion from Medicaid and $500 billion from Medicare.

Is the problem with American tax system that the wealthy and most profitable corporations pay too much tax, strangling economic development?

Is tax reform a boon for the wealthy only?

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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. Noting that he paid a higher effective tax rate than his own secretary, Buffet suggested that nobody earning over $1 million a year should pay a lower tax rate than middle-class families; this proposal eventually became known as the "Buffet Rule," and was endorsed by then-President Obama and, later, Hillary Clinton.

The legislation will likely get a vote this week on the House floor, where the majority Republicans expect an easy victory.

The Tax Foundation had released an earlier report that focuses on the growth advantages of the tax reforms and is hence given more weight by the Republicans.

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.

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

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