Millionaires Urge Congress to Raise Their Taxes


Millionaires Urge Congress to Raise Their Taxes

"By contrast, individual taxpayers are contributing a larger share through income and payroll taxes".

They claim repealing the estate tax would cost $269 billion over 10 years.

■ Households making more than $900,000 a year would see their taxes reduced by an average of $200,000 a year, or about 22 percent of their incomes, while households making $59,000 will see a tax cut of $1,182, or a reduction of about 2 percent of their incomes.

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

Responsible Wealth joined with the Washington, D.C. -based group Voices for Progress in organizing the letter, which according to the Post, will be sent this week. Further, the reduced tax rate imposed on small-sized businesses would benefit business owners.

I don't believe "populists" think it is more important to be able to prepare their taxes on a postcard if it means they are bumped into a higher, if compressed, tax bracket.

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.

"Instead (of cutting taxes), we call on Congress to raise our taxes to bring in additional much-needed revenue and to restore investments to vital services". I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".

Is the problem with American tax system that the wealthy and most profitable corporations pay too much tax, strangling economic development? Hoeven, Sen. Heitkamp, and Rep. Cramer to go beyond talking points and work with moderates of both parties to amend the bill to be less favorable to wealthy people and corporations and more favorable to the middle class voters they represent.

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.

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.