"Don't Cut Our Taxes", Say 400+ Very Wealthy Americans. "Raise Them".

GOP Sen. Ron Johnson to oppose tax plan

Republicans would end a program that states and local governments use to help finance affordable housing and let homeowners take a tax credit on their mortgage, shaving $38.9 billion of that $1.7 trillion.

The claim that companies and the ultra-rich, which nominally pay 39 percent tax, pay an unfair amount of tax is nonsense.

Congress is working to try to enact the most sweeping overhaul of the tax code since the 1980s that would lower taxes for millions of individual tax payers and slash the rate paid by corporations.

■ 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 belief is that putting more money into the pockets of individuals will spur more investment in the us economy, and more revenue for corporations can lead to new business ventures and more job creation.

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. Further, the reduced tax rate imposed on small-sized businesses would benefit business owners. The Republicans, on the other hand, have been selling the tax reform as a big advantage to the entire middle class of the United States and also a huge lift to economic growth, job development, and investment.

Republicans and Democrats are divided on who they think tax reform would help the most. By all early analyses, it benefits the wealthy and harms the middle class.

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

The strongest opposition came to the Republican proposal to eliminate deductions for medical expenses, with 54 percent saying they are against the change and 32 percent saying they support it.

But Republicans aren't satisfied with just cutting $1.5 trillion. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.

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