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Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes

15 November 2017

Many analysts warn that Republicans will then try to recoup tax shortfalls by cutting Medicare, Medicaid and Social Security. Ronald Reagan learned that lesson when his tax cut did not in fact increase revenues, and he was forced to raise taxes several times.

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

Pitched as a tax cut for all, anyone who looks at the cuts in corporate taxes, elimination of estate taxes and creation of lower tax rate for pass-thru income knows that these cuts are aimed at benefiting the super wealthy. Further, the reduced tax rate imposed on small-sized businesses would benefit business owners. "Everything in our tax system is meant to encourage investment".

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

■ Four out of five dollars of the tax cuts will flow to the top 1 percent of the population, thus increasing the gap between those with unimaginable wealth and power and the rest of us.

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. But the tax decline for the people in the higher-income groups will be quite large. "Doing so will help create jobs, strengthen the middle class, and ensure America's economic success".

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They take away deductions for state and local taxes, effectively double-taxing New Yorkers on that income (driving down home values, in the bargain), as well as deductions for education, medical expenses, home mortgage interest - in essence, the key rungs used by working people for upward mobility.

A rather worrying conclusion of the report for Republicans was the finding that the proposed plan would cause a drop in federal revenues- $1.98 trillion over a period ten years.

Republicans are in a frantic rush to pass their tax plan - just to be able to chalk up something, anything, after a year with total control of government.

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Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes