Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes

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The letter is attributed to 400 "wealthy and upper-income taxpayers".

Trump even boasted about his "brilliance" at claiming almost $1 billion in tax refund, and said he had a "fiduciary" responsibility to pay the least amount of tax.

Republican mega-donors are threatening to cut funding to the party if it fails to pass tax "reform".

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.

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I don't believe "populists" think it is more important to be able to prepare their taxes on a postcard if it means they are bumped into a higher, if compressed, tax bracket. The proposed tax cuts mainly benefit passive owners of stock and property and offspring whose main accomplishment is choosing the right parents. Passage of these tax cuts will move us from a "Plutocracy" that already threatens our democracy to an "Inheritocracy" where "the rich own everything and everyone else is on their own". On Wednesday, the Congressional Budget Office drew a conclusion that the tax bill of the Republicans would cause the deficit to increase by $1.7 trillion over ten years, once additional costs for debt servicing were incorporated (but macroeconomic effects were excluded). That would be devastating for all but the wealthiest Americans. 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.

"It is neither wise nor just to give wealthy people more tax breaks at the expense of working families, and it would be especially egregious to fund tax cuts for the wealthy by cutting or dismantling programs that help people meet fundamental human needs like healthcare or nutrition assistance", the letter continues. By all early analyses, it benefits the wealthy and harms the middle class.

The Republican tax plan would only add to income inequality and with measures like eliminating the estate tax, effectively create an aristocracy.