Millionaires Urge Congress to Raise Their Taxes

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

But broadly speaking, both the Senate and the House versions of the GOP tax plan would primarily benefit the wealthiest earners and corporations, according to analyses by Vox and the Washington Post. 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.

"Authors of the letter even called on the Congress to raise the taxes for wealthy people to boost the country's budget".

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 US corporations will benefit most.

Trump even boasted about his "brilliance" at claiming almost $1 billion in tax refund, and said he had a "fiduciary" responsibility to pay the least amount of tax.

According to Mark Mazur, Tax Policy Center, the bill would amount to a decent tax decline for the majority of the USA households. "Everything in our tax system is meant to encourage investment".

Many analysts warn that Republicans will then try to recoup tax shortfalls by cutting Medicare, Medicaid and Social Security.

A new investigative report, the "Paradise Papers", highlight how the wealthy - including Trump's Commerce Secretary Wilbur Ross, and fabulously profitable multi-national corporations like Apple use offshore tax havens to dodge paying their fair share.

"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 previous year. 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. But the tax decline for the people in the higher-income groups will be quite large.

Republicans are planning to pass the bill to vote already this week.

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

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