ibusinesslines.com
ibusinesslines.com November 15, 2018


Jewish Millionaires Tell Congress: Don't Cut Our Taxes!

15 November 2017, 01:56 | Erica Roy

We passed something? We passed something! Chip Somodevilla Getty Images

House-Votes-On-Tax-Bill

On the spending side, a hidden pitfall of the plan is that tax cuts for the wealthy are being paid for by cutting $473 billion from Medicare and $1 trillion from Medicaid (which funds about half the costs of North Dakota's rural hospitals and nursing homes).

The GOP is "saying we can't afford to spend money, but we can afford to give rich people a huge tax break".

Why don't they want their taxes cut?

Republican mega-donors are threatening to cut funding to the party if it fails to pass tax "reform".

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. "Everything in our tax system is meant to encourage investment".

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.


Everyone loves paying less in taxes, right?

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. That would be devastating for all but the wealthiest Americans.

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.

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.

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. Hoeven, Sen. Heitkamp, and Rep. Cramer to go beyond talking points and work with moderates of both parties to amend the bill to be less favorable to wealthy people and corporations and more favorable to the middle class voters they represent.



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