Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul


And like Obamacare, the Republicans are concocting their mega-trillion dollar plan in secret, without any input from experts, analysts, or representatives of the vast majority of Americans, the Democrats, ramming their tax plan through the Congress, to satisfy billionaire donors and special interests, and put a "win" on the board before year-end so they don't look like complete inept fools.

"I think a tax cut is absurd", said Robert "Bob" Crandall, a former American Airlines CEO who now lives in Florida and added his name to the letter.

They actually want Congress to raise taxes on the wealthy.

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According to Mark Mazur, Tax Policy Center, the bill would amount to a decent tax decline for the majority of the USA households.

"I don't believe that we've set out to create a tax cut for the wealthy".

The letter, organized by Responsible Wealth-a network that describes itself as "beneficiaries of economic policies tilted in their favor"-urges the members of Congress "to oppose any legislation that further exacerbates inequality", and notes that the GOP proposal "would disproportionately benefit wealthy individuals and corporations with provisions including repealing the estate tax, repealing the Alternative Minimum Tax, and slashing the top pass-through tax rate".

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■ There would be a dramatic shift in who pays taxes from businesses to individuals.

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. And, of course, nearly all of the tax cuts will go to the top one percent. A 0.4 percent boost might be enjoyed by the middle-income households.

"It is neither wise nor just to give wealthy people more tax breaks at the expense of working families, and it would be especially egregious to fund tax cuts for the wealthy by cutting or dismantling programs that help people meet fundamental human needs like healthcare or nutrition assistance", the letter continues.

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The Reuters/Ipsos poll was conducted in early November online in English throughout the United States.