Millionaires Urge Congress to Raise Their Taxes

Cheryl Sanders
November 15, 2017

Stating that such a move "further exacerbates inequality", the writers also say the bill would add to the already significant debt of the United States.

"I think a tax cut is absurd", said Robert "Bob" Crandall, a former American Airlines CEO who now lives in Florida and added his name to the letter. "If someone's getting a tax cut, I'm not upset that they're getting a tax cut", Gary Cohn, the head of Trump's National Economic Council, said in an interview with CNBC last week.

"In fact, over several decades, the corporate tax rate has withered as a source of revenue for the government", from accounting for 4 percent of gross domestic product in 1967 to just 1.6 percent previous year. The proposed tax cuts mainly benefit passive owners of stock and property and offspring whose main accomplishment is choosing the right parents.

According to Mark Mazur, Tax Policy Center, the bill would amount to a decent tax decline for the majority of the USA households.

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).

Instead [of cutting taxes], we call on Congress to raise our taxes to bring in additional much-needed revenue and to restore investments to vital services.

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.

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.

■ Households making more than $900,000 a year would see their taxes reduced by an average of $200,000 a year, or about 22 percent of their incomes, while households making $59,000 will see a tax cut of $1,182, or a reduction of about 2 percent of their incomes. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.

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