Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

They have some differences, but both versions, according to the Center on Budget and Policy Priorities, "would drive up deficits by $1.5 trillion over the next decade and give very large tax cuts to the wealthiest households and profitable corporations but only token help to millions of low-income working families". Ronald Reagan learned that lesson when his tax cut did not in fact increase revenues, and he was forced to raise taxes several times.

I oppose the Republican tax bill.

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

■ There would be a dramatic shift in who pays taxes from businesses to individuals. "Doing so will help create jobs, strengthen the middle class, and ensure America's economic success".

The three wealthiest people in the US-Bill Gates, Jeff Bezos, and Warren Buffett-now own more wealth than the entire bottom half of the American population combined, 160 million people or 63 million households, according to a report by the Program on Inequality at the Institute for Policy Studies, reported in The Nation.

But among Democrats, 46 percent think that wealthy will benefit most, with only 7 percent thinking all Americans will benefit and 17 percent who think corporations will benefit.

"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 past year.

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.

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.

And while those polled did not think that the middle class will benefit most, an overwhelming majority thought that they should. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.

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