Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

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

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

Instead, they say they want taxes on the wealthy to be raised, the Washington Post reported.

I oppose the Republican tax bill.

"Authors of the letter even called on the Congress to raise the taxes for wealthy people to boost the country's budget". 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. I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".

There was a time when paying taxes was considered patriotic, part of the social compact we make as citizens with a shared responsibility in our nation's security and progress, paying forward so that those who come after us can benefit from the opportunities we had. That would be devastating for all but the wealthiest Americans.

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.

The Democrats drew this analysis in an attempt to target the proposals of the House Republicans and portray them as a trick to lure the wealthier households.

Republicans would end a program that states and local governments use to help finance affordable housing and let homeowners take a tax credit on their mortgage, shaving $38.9 billion of that $1.7 trillion. A 0.4 percent boost might be enjoyed by the middle-income households. 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. 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.

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