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


They claim repealing the estate tax would cost $269 billion over 10 years.

The letter was compiled by Responsible Wealth, a group that advocates for progressive causes.

Is the problem with American tax system that the wealthy and most profitable corporations pay too much tax, strangling economic development?

They have some differences, but both versions, according to the Center on Budget and Policy Priorities, "would drive up deficits by $1.5 trillion over the next decade and give very large tax cuts to the wealthiest households and profitable corporations but only token help to millions of low-income working families". 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.

To be sure, Americans are more likely to believe the wealthy will benefit most from the tax reform now being pushed in the U.S. Congress by Republicans who insist their goal is to help the middle class, according to a Reuters/Ipsos opinion poll released.

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.

There was a time when paying taxes was considered patriotic, part of the social compact we make as citizens with a shared responsibility in our nation's security and progress, paying forward so that those who come after us can benefit from the opportunities we had.

Why do Republicans want tax cuts? Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found.

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. A 0.4 percent boost might be enjoyed by the middle-income households.

The Republican tax plan cuts taxes on average for people in multiple tax brackets, including the highest earners.

"Do not cut our taxes".



Other news