We need responsible tax reform that simplifies the tax code, helps small businesses, closes loopholes for corporations and the wealthy, and strengthens progressive tax rates. They say the money that corporations and the rich save on their taxes would likely be used to start new companies or build new factories, the Post explained.
Republican congressmen are hoping to get Trump's tax plan onto his desk to be signed by the end of the year, following a series of humiliating defeats in their bid to repeal and replace Obamacare.
Why don't they want their taxes cut?
Is the problem with American tax system that the wealthy and most profitable corporations pay too much tax, strangling economic development?
The group, which calls itself Responsible Wealth, represents liberal CEOs, doctors and lawyers who plan to send a letter to Congress asking that their taxes not be cut under the Republicans' proposed tax reform law, according to The Washington Post.
Pitched as a tax cut for all, anyone who looks at the cuts in corporate taxes, elimination of estate taxes and creation of lower tax rate for pass-thru income knows that these cuts are aimed at benefiting the super wealthy.
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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.
It seems like the richest 1% households in the United States will be the recipients of nearly 50 percent of the benefits promised by the Republican tax reform by 2027.
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 move comes amid a planned tax overhaul that could see huge tax cuts that would add around $1.5tn to the USA debt burden. A 0.4 percent boost might be enjoyed by the middle-income households.
Despite an insistence by Republicans that their goal is help the middle class, only 8 percent of Americans think that demographic will benefit the most, the poll, which was conducted November 3-8, found. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.