Tax plan in Congress will benefit wealthy

Some Of America's Wealthiest Tell Congress To Raise Their Taxes, Not Cut Them

More than 400 millionaires and billionaires have signed a letter urging Congressional Republicans not to cut their taxes. "Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations", the letter added.

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.

Is the problem with American tax system that the wealthy and most profitable corporations pay too much tax, strangling economic development?

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

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.

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The signatories of the letter argue that Republicans' tax reform plans, of which there are several, would make wealth inequality even worse than it is now, and cite several components of the legislation that would benefit the richest Americans at the expense of the middle class.

The poll found 32 percent of Americans think the wealthy will benefit most, compared to 14 percent who think all Americans will benefit and 14 percent who think large USA corporations will benefit most. Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found.

■ 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.

The Democrats drew this analysis in an attempt to target the proposals of the House Republicans and portray them as a trick to lure the wealthier households. A 0.4 percent boost might be enjoyed by the middle-income households.

The move comes amid a planned tax overhaul that could see huge tax cuts that would add around $1.5tn to the United States debt burden. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.

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