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

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More than 400 American millionaires and billionaires have signed a letter made public this week, in which they urge Congress to raise, rather than cut, their taxes. "Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations", the letter added. The letter is primarily aimed at congressional Republicans, who are considering various proposals that would result in the richest Americans paying less in taxes than they do now. "Everything in our tax system is meant to encourage investment". I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".

Republican mega-donors are threatening to cut funding to the party if it fails to pass tax "reform".

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To be sure, Americans are more likely to believe the wealthy will benefit most from the tax reform now being pushed in the U.S. Congress by Republicans who insist their goal is to help the middle class, according to a Reuters/Ipsos opinion poll released. The proposed tax cuts mainly benefit passive owners of stock and property and offspring whose main accomplishment is choosing the right parents. Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found.

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

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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.

"In fact, over several decades, the corporate tax rate has withered as a source of revenue for the government", from accounting for 4 percent of gross domestic product in 1967 to just 1.6 percent a year ago. A 0.4 percent boost might be enjoyed by the middle-income households. 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.

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