Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

Responsible Wealth joined with the Washington, D.C. -based group Voices for Progress in organizing the letter, which according to the Post, will be sent this week.

■ Four out of five dollars of the tax cuts will flow to the top 1 percent of the population, thus increasing the gap between those with unimaginable wealth and power and the rest of us.

Republican mega-donors are threatening to cut funding to the party if it fails to pass tax "reform". They would each raise the deficit by around $1.5 trillion over the next decade, and according to an analysis by Congress' Joint Committee on Taxation, the Senate bill would raise taxes for 13.8 million middle-income Americans.

Liberal group Responsible Wealth led the effort, gaining signatures from the likes of Ben & Jerry's co-founders Ben Cohen and Jerry Greenfield, billionaire George Soros, philanthropist Steven Rockefeller, and fashion designer Eileen Fisher. "If someone's getting a tax cut, I'm not upset that they're getting a tax cut", Gary Cohn, the head of Trump's National Economic Council, said in an interview with CNBC last week. I resent the assertion by Republican lawmakers that we, the working people of America, "only care about having more money in our pockets".

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Everyone loves paying less in taxes, right? Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found.

A rather worrying conclusion of the report for Republicans was the finding that the proposed plan would cause a drop in federal revenues- $1.98 trillion over a period ten years.

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.

And while those polled did not think that the middle class will benefit most, an overwhelming majority thought that they should. Noting that he paid a higher effective tax rate than his own secretary, Buffet suggested that nobody earning over $1 million a year should pay a lower tax rate than middle-class families; this proposal eventually became known as the "Buffet Rule," and was endorsed by then-President Obama and, later, Hillary Clinton.

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