Millionaires Urge Congress to Raise Their Taxes

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

"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".

The GOP is "saying we can't afford to spend money, but we can afford to give rich people a huge tax break". Though some promise that tax cuts will stimulate business activity and thereby increase tax collections enough to replace what is lost, most economists believe this is a pipe dream.

■ Households making more than $900,000 a year would see their taxes reduced by an average of $200,000 a year, or about 22 percent of their incomes, while households making $59,000 will see a tax cut of $1,182, or a reduction of about 2 percent of their incomes.

The White House and congressional Republicans contend the bill is geared toward pumping more investment into the US economy. "Everything in our tax system is meant to encourage investment". Further, the reduced tax rate imposed on small-sized businesses would benefit business owners.

Republicans and Democrats are divided on who they think tax reform would help the most.

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"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 a year ago.

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. By all early analyses, it benefits the wealthy and harms the middle class.

Republicans are responding with proposed tax cuts that will reward their wealthy donors' campaign contributions with over a trillion dollars in added income over the next decade.

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. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.

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