Published: Wed, November 15, 2017
World | By Paul Elliott

"Don't Cut Our Taxes", Say 400+ Very Wealthy Americans. "Raise Them".

How do the Republicans intend to cut the tax cuts by $200 billion? On the other hand, taxpayers in the lower income groups would see very little change. Signers include recognizable last names like Rockefeller and Disney as well as financiers and former CEOs.

Republicans and Democrats are divided on who they think tax reform would help the most.

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.

According to its website, The Responsible Wealth Project is a "network of business leaders, investors, and inheritors in the richest 5% of wealth and/or income in the USA who believe that growing inequality is not in their best interest, nor in the best interest of society". 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. "We are deeply concerned that revenue loss would lead to deep cuts in critical services such as education, Medicare, and Medicaid, and would hamper our nation's ability to restore investments in our people and communities", the letter said.

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.

Trump even boasted about his "brilliance" at claiming almost $1 billion in tax refund, and said he had a "fiduciary" responsibility to pay the least amount of tax.

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. I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".

The Republican tax plan would only add to income inequality and with measures like eliminating the estate tax, effectively create an aristocracy.

The belief is that putting more money into the pockets of individuals will spur more investment in the US economy, and more revenue for corporations can lead to new business ventures and more job creation.

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