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etvfutures.com November 22, 2017


Tax plan in Congress will benefit wealthy

15 November 2017, 01:57 | Opal Carroll

Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes - Letter

Some Of America's Wealthiest Tell Congress To Raise Their Taxes, Not Cut Them

More than 400 USA millionaires and billionaires reportedly plan to send a letter to Congress this week petitioning lawmakers not to cut their taxes. "Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations", the letter added. "Everything in our tax system is meant to encourage investment".

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.

In a letter first reported by The Washington Post on Sunday, more than 400 of America's wealthiest citizens are asking congressional Republicans to reconsider tax reform legislation that would dramatically lower taxes for corporations and the rich. The proposed tax cuts mainly benefit passive owners of stock and property and offspring whose main accomplishment is choosing the right parents.

The proposal would also eliminate most individual tax deductions, a move that could result in some taxpayers seeing an increase in their total bill to the government while others see a decrease.

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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.

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.

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). Between 2010 and 2016, the share of wealth controlled by the top one percent of earners steadily grew, according to Federal Reserve data, reaching a record-high of 38.6 percent in 2016.

When it comes to specific changes, the poll found that 46 percent of Americans oppose limiting the mortgage interest deduction, compared to 35 percent who support the change.



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