Wealthy Americans sign letter asking Congress not to cut their taxes

Wealthy Americans sign letter asking Congress not to cut their taxes

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.

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