Tax plan in Congress will benefit wealthy

Some Of America's Wealthiest Tell Congress To Raise Their Taxes, Not Cut Them

Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes - Letter

When the "populists" demanded Tax Fairness, they didn't mean that Congress should leave in all the loopholes, the tax-dodges and tricks that enable $2 trillion to be stashed in overseas tax havens, paying for tax cuts by stripping away the only deductions that enable working people to claw their way up the ladder of the American Dream.

The letter, organized by the nonprofits United for a Fair Economy and Voices for Progress, urges Congress not to pass a tax bill that "further exacerbates inequality". "Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations", the letter added.

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

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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. Ronald Reagan learned that lesson when his tax cut did not in fact increase revenues, and he was forced to raise taxes several times.

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.

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.

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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. That would be devastating for all but the wealthiest Americans.

They say the Republican tax plan disproportionately benefits the wealthy and corporations.

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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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.

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