Millionaires Urge Congress to Raise Their Taxes

Millionaires Urge Congress to Raise Their Taxes

"Authors of the letter even called on the Congress to raise the taxes for wealthy people to boost the country's budget".

"We are high net worth individuals, many in the top 1%, who care deeply about our nation and its people, and we write with a simple request: Do not cut our taxes", the letter reads.

The letter, organized by the nonprofits United for a Fair Economy and Voices for Progress, urges Congress not to pass a tax bill that "further exacerbates inequality".

The poll found 79 percent think its more important to cut taxes for the middle class than for corporations, and 76 percent think its more important to cut taxes for the poor than for corporations. During that same period of time, the share of wealth controlled by the bottom 90 percent of earners dropped precipitously - as it has been for several decades.

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.

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The Tax Foundation had released an earlier report that focuses on the growth advantages of the tax reforms and is hence given more weight by the Republicans.

President Donald Trump's plan to revive the US economy largely consists of tax cuts for large corporations, businesses and wealthy oligarchs. Republicans are expected to debate legislation that would add $1.5 trillion to the debt to pay for widespread tax cuts for businesses and individuals, the Post reported.

According to the Washington Post, most of the the signatories, which include Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, billionaire hedge fund manager George Soros, and philanthropist Steven Rockefeller, "come from California, New York, and MA, states that went for Democrat Hillary Clinton in the last election".

In a bid to counter the growing U.S. debt, the group called on Congress to "raise our taxes to bring in additional much-needed revenue and to restore investments to vital services". "Doing so will help create jobs, strengthen the middle class, and ensure America's economic success".

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