Over 400 Millionaires Ask That GOP Not Approve Tax Overhaul

Win Mc Namee  Getty

Win Mc Namee Getty

But some of the wealthiest Americans have pleaded with Congress not to go ahead with the tax reforms, claiming the timing was wrong with debt rising and inequality at its highest levels for almost 100 years.

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".

"I think a tax cut is absurd", said Robert "Bob" Crandall, a former American Airlines CEO who now lives in Florida and added his name to the letter. Though some promise that tax cuts will stimulate business activity and thereby increase tax collections enough to replace what is lost, most economists believe this is a pipe dream. And, of course, nearly all of the tax cuts will go to the top one percent.

In a letter first reported by The Washington Post on Sunday, more than 400 of America's wealthiest citizens are asking congressional Republicans to reconsider tax reform legislation that would dramatically lower taxes for corporations and the rich.

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 US corporations will benefit most.

The claim that companies and the ultra-rich, which nominally pay 39 percent tax, pay an unfair amount of tax is nonsense. Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found. Hoeven, Sen. Heitkamp, and Rep. Cramer to go beyond talking points and work with moderates of both parties to amend the bill to be less favorable to wealthy people and corporations and more favorable to the middle class voters they represent. A 0.4 percent boost might be enjoyed by the middle-income households.

How do the Republicans intend to cut the tax cuts by $200 billion?

Republicans are responding with proposed tax cuts that will reward their wealthy donors' campaign contributions with over a trillion dollars in added income over the next decade.

Despite an insistence by Republicans that their goal is help the middle class, only 8 percent of Americans think that demographic will benefit the most, the poll, which was conducted November 3-8, found.

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