Wealthy Americans sign letter asking Congress not to cut their taxes

Federal Tax Reform: GOP's Latest Trojan Horse

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

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.

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. Republicans are expected to debate legislation that would add $1.5 trillion to the debt to pay for widespread tax cuts for businesses and individuals, the Post reported.

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). Ronald Reagan learned that lesson when his tax cut did not in fact increase revenues, and he was forced to raise taxes several times.

Everyone loves paying less in taxes, right?

Republicans and Democrats are divided on who they think tax reform would help the most. That would be devastating for all but the wealthiest Americans.

Republicans are responding with proposed tax cuts that will reward their wealthy donors' campaign contributions with over a trillion dollars in added income over the next decade. 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.

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. Noting that he paid a higher effective tax rate than his own secretary, Buffet suggested that nobody earning over $1 million a year should pay a lower tax rate than middle-class families; this proposal eventually became known as the "Buffet Rule," and was endorsed by then-President Obama and, later, Hillary Clinton.

Related News:

  • Zendaya To Star In Reese Witherspoon-Produced Film 'A White Lie'

    Zendaya To Star In Reese Witherspoon-Produced Film 'A White Lie'

    The movie will show Hemmings fully immersing herself into upper-class NY society, where she's treated as a wealthy white woman. Zendaya will also produce A White Lie , alongside actress Reese Witherspoon and Lauren Neustadter .
    Panthers rookie wide receiver Curtis Samuel out for the season

    Panthers rookie wide receiver Curtis Samuel out for the season

    Samuel was a big part of Carolina's plan coming into the season as the slot receiver because of his speed and playmaking ability. Samuel, a second-round pick from Ohio State, had seen his role increase in the wake of the Benjamin trade.

    Jimmy Kimmel Makes Fun Of Matt Damon's Role In Thor: Ragnarok

    But we shouldn't worry too much if he ends up leaving the franchise, because the actor may have found the ideal superhero part. Putting aside the talks about his role in the #DCEU , the actor brought along a really cool birthday surprise.
  • Exec Says Fox Sports, Televisa Paid Bribes At FIFA Trial

    Exec Says Fox Sports, Televisa Paid Bribes At FIFA Trial

    Forty-two people and entities have been charged in the case, of which 23 have pleaded guilty and two have been sentenced. Fox Sports did not immediately return a request for comment.
    Newtown Families' Lawyers See Loophole To Sue Gun Manufacturers

    Newtown Families' Lawyers See Loophole To Sue Gun Manufacturers

    The National Rifle Association and other gun rights supporters have submitted legal briefs, as have gun control advocates. The lawsuit, which was filed in 2015, was dismissed in 2016 by a lower court.
    Binge and Flush? Netflix Says 13 Million Users Watch in Public Bathrooms

    Binge and Flush? Netflix Says 13 Million Users Watch in Public Bathrooms

    One in two Indians claimed in the survey that a stranger started a conversation with them over the series/movie that they were watching.
  • Unite the British Isles in Total War Saga: Thrones of Britannia

    Unite the British Isles in Total War Saga: Thrones of Britannia

    Creative Assembly has announced yet another historical title to be in the works as the first entry in the Total War Saga series . The series, which focuses on specific periods in history, will have " Thrones of Britannia " as its first entry.
    Recode: Uber faces United States  class-action suit for driver sexual assault, violence

    Recode: Uber faces United States class-action suit for driver sexual assault, violence

    He was arrested and charged with two counts of sexual battery, and Uber refunded her $9.51 for the ride. District Court in Northern California, Jane Doe 1 and Jane Doe 2 describe being raped by Uber drivers.
    Jon Stewart reveals his thoughts on the Louis CK scandal

    Jon Stewart reveals his thoughts on the Louis CK scandal

    Stewart , who has been friends with Louis C.K. for over 30 years, said he hasn't spoken to the comedian since the fallout. He laughed off the question and answered, "So the Internet said Louis harassed women?" "I didn't see the tweets".
  • NCAA Rules Braxton Beverly Immediately Eligible To Play For NC State

    NCAA Rules Braxton Beverly Immediately Eligible To Play For NC State

    State had to file new information which wasn't initially available in order for the decision to be reconsidered. Beverly was denied immediate eligibility after leaving Ohio State following Thad Matta's resignation.
    GameStop temporarily halts the new PowerPass rental subscriptions

    GameStop temporarily halts the new PowerPass rental subscriptions

    According to GameStop staff speaking to Kotaku's Jason Schreier, the company is suspending the program indefinitely. GameStop's entrance into the game-rental market comes amid the company's continued financial difficulties.

    Growth Analysis of Callon Petroleum Company (CPE)

    When investing in a volatile security, the risk of success is increased just as much as the risk of failure. (NYSE:CIT) shares. New York State Common Retirement Fund raised its position in shares of Callon Petroleum by 3.3% during the 3rd quarter.


Most liked

Trump's approval rating is near his personal low
President Trump's approval rating is on the rise, according to Rasmussen Reports' daily presidential tracking poll. But the same poll, conducted by Rasmussen Reports , shows 53 percent disapprove.

Amazon's Australia launch "really, really close"
Apart from Braeuniger, Head of Amazon Marketplace in Australia, Fabio Bertola also addressed the audience. Follow Business Insider Australia on Facebook , Twitter , LinkedIn , and Instagram .

Haters gonna hate: Taylor Swift's 'Reputation' just cracked 1 million sales
In doing so, it became the fourth consecutive Swift album to sell over 1 million copies during its opening week. According to Hits Daily Double, the album is projected to debut with 1.30-1.34 million pure United States sales.

India's Oct trade deficit at $14.02 billion
India's trade deficit came at $14.02 billion in October, highest since November 2014, from $8.98 billion in the previous month. Imports, however, grew by 7.6 per cent to $37.11 billion in October from $34.5 billion in the corresponding month a year ago.

Gal Gadot has a message for 'misogynist sexists'
Sounds like Affleck likely will play Batman in Reeves film, but that could very well be his final chapter as the superhero. This is even more clear in its suggestion of a world without Affleck's Batman than his recent chat with Extra TV.

Jack Sock pips Marin Cilic in final-set tie-break
Jack Sock has revealed that he was forced out of his room at 4am on Tuesday morning due to a fire alarm at his hotel. The key moment came in the decisive tie-break with Cilic a mini-break ahead at 4-3.

Apple Watch can detect sleep apnea and hypertension, study shows
Both the startup company and the UCSF collaborated to reveal that the said smartwatch could predict hypertension and sleep apnea. Thus, we wonder how the algorithm of Cardiogram could make a good guess without having to use an equipment.

Eve Joins 'The Talk' as New Cohost
Previously, Cooper, who goes by Eve , appeared on the show as a guest co-host the week of October 30. The search for Aisha Tyler's replacement on The Talk has come to an end.

FDA warns of 'deadly risks' of the herb kratom, citing 36 deaths
Around the same time in 2012, the FDA "first put kratom on import alert" FDA press officer Lyndsay Meyer told Business Insider. In some cases, kratom is mixed with opioids like oxycodone, the ingredient in OxyContin, according to the agency.

Congress May Implement Mandatory Sex Harassment Training. Members Say It's Not Enough
Meanwhile, CNN said sexual harassment is so common in DC that women share an unwritten "creep list" of male lawmakers to avoid. She said that when she was just starting her career in politics, the chief of staff in her office sexually assaulted her.

NY fines Credit Suisse $135 mn over forex manipulation
The investigation also found executives encouraged traders to engage in "front-running", or trading ahead of known client orders. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.

Tesla accused of racial discrimination in lawsuit
According to Bloomberg , Vaughn referenced an email to employees from founder and chief executive Elon Musk in his complaint. The company is also facing lawsuits accusing it of discrimination against gay and older workers .

Censor board continues to keep Verna's clearance in ambiguity
The film is expected to be reviewed by the full board today and the Verna team is hopeful for a decision in the film's favour. Images has reached out to Shoaib Mansoor regarding the ban and is awaiting a response .

Colts' TY Hilton a nominee for 2017 Art Rooney Sportsmanship Award
The award, which honors players who display excellent sportsmanship on the field, is voted on by National Football League players. The latter quality has been just as inherent in Robison as the instincts that helped him make the play.

Iraq Kurds say they respect federal court decision banning independence
In September, the KRG held a controversial referendum on Kurdish regional secession, a vote decried by Baghdad as illegitimate. The statement is seen as the latest efforts by KRG to start a dialogue with Baghdad that can lead to a peaceful breakaway.