"Don't Cut Our Taxes", Say 400+ Very Wealthy Americans. "Raise Them".

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

The letter is attributed to 400 "wealthy and upper-income taxpayers".

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

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. Though the Responsible Wealth website is now down, you can see a cached version of the letter here.

According to Mark Mazur, Tax Policy Center, the bill would amount to a decent tax decline for the majority of the US households. On Wednesday, the Congressional Budget Office drew a conclusion that the tax bill of the Republicans would cause the deficit to increase by $1.7 trillion over ten years, once additional costs for debt servicing were incorporated (but macroeconomic effects were excluded).

The belief is that putting more money into the pockets of individuals will spur more investment in the us economy, and more revenue for corporations can lead to new business ventures and more job creation.

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 USA corporations will benefit most.

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 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.

Why that's easy: take away the deductions that middle class people use: So, if your employer gives you something to help you take care of aging parent or daycare for your child, those benefits will now be taxable income (that would offset $6.5 billion of the $200 billion).

And while those polled did not think that the middle class will benefit most, an overwhelming majority thought that they should.

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