"Repealing the estate tax alone would lose an estimated $269 billion over 10 years - more than we would spend on the Food and Drug Administration, Centers for Disease Control, and Environmental Protection Agency combined", the letter said. Though the Responsible Wealth website is now down, you can see a cached version of the letter here. "Everything in our tax system is meant to encourage investment".
The US Congress has presented tax projects, according to which, it is proposed to reduce the taxes for households with earnings of more than $1 million and citizens with incomes of more than $ 500,000 from 39.6% to 38.5%.
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.
"Do not cut our taxes". I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".
The signatories of the letter argue that Republicans' tax reform plans, of which there are several, would make wealth inequality even worse than it is now, and cite several components of the legislation that would benefit the richest Americans at the expense of the middle class.
■ There would be a dramatic shift in who pays taxes from businesses to individuals. Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found. A 0.4 percent boost might be enjoyed by the middle-income households.
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. Noting that he paid a higher effective tax rate than his own secretary, Buffet suggested that nobody earning over $1 million a year should pay a lower tax rate than middle-class families; this proposal eventually became known as the "Buffet Rule," and was endorsed by then-President Obama and, later, Hillary Clinton.
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.