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Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

President Donald Trump's plan to revive the US economy largely consists of tax cuts for large corporations, businesses and wealthy oligarchs.

I don't know if I would get a tax cut under this bill, but even if I did, I wouldn't want it.

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.

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.

They claim repealing the estate tax would cost $269 billion over 10 years. "Everything in our tax system is meant to encourage investment". Ronald Reagan learned that lesson when his tax cut did not in fact increase revenues, and he was forced to raise taxes several times.

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A new investigative report, the "Paradise Papers", highlight how the wealthy - including Trump's Commerce Secretary Wilbur Ross, and fabulously profitable multi-national corporations like Apple use offshore tax havens to dodge paying their fair share. Between 2010 and 2016, the share of wealth controlled by the top one percent of earners steadily grew, according to Federal Reserve data, reaching a record-high of 38.6 percent in 2016.

The Republican tax plan cuts taxes on average for people in multiple tax brackets, including the highest earners.

The House is expected to vote on its version of the bill this week, and Republican leaders anticipate the proposal will pass.

"I don't believe that we've set out to create a tax cut for the wealthy". 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. 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 are in a frantic rush to pass their tax plan - just to be able to chalk up something, anything, after a year with total control of government.