Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes

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The group, which calls itself Responsible Wealth, represents liberal CEOs, doctors and lawyers who plan to send a letter to Congress asking that their taxes not be cut under the Republicans' proposed tax reform law, according to The Washington Post.

Instead, you have the Republicans in a rush to destroy the economy - at least that's always been the complaint about the national debt - exacerbate income inequality, and the nation's economic power.

But some of the wealthiest Americans have pleaded with Congress not to go ahead with the tax reforms, claiming the timing was wrong with debt rising and inequality at its highest levels for almost 100 years.

Among the signers of the letter are financier and philanthropist George Soros, former Secretary of Labor Robert Reich, and Ben Cohen and Jerry Greenfield, founders of Ben & Jerry's Ice Cream. Passage of these tax cuts will move us from a "Plutocracy" that already threatens our democracy to an "Inheritocracy" where "the rich own everything and everyone else is on their own". "I'll just save more", Crandall added.

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House Republicans could pass their version this week while the Senate finance committee is still marking up that chamber's version. On Wednesday, the Congressional Budget Office drew a conclusion that the tax bill of the Republicans would cause the deficit to increase by $1.7 trillion over ten years, once additional costs for debt servicing were incorporated (but macroeconomic effects were excluded).

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.

"Tax reform should be, at a minimum, revenue neutral-without using gimmicks like dynamic scoring".

■ Of the $1.5 trillion in tax cuts, $1 trillion will go to businesses and corporations, with only $200 billion going to individuals, most of whom will be upper middle class or wealthy. It is largely known as "MAGA-nomics", a reference to the hashtag acronym for the campaign slogan "Make America Great Again", and would amount to trillions in tax breaks for the ultra-rich in the United States.

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