Wealthy Americans sign letter asking Congress not to cut their taxes

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On the spending side, a hidden pitfall of the plan is that tax cuts for the wealthy are being paid for by cutting $473 billion from Medicare and $1 trillion from Medicaid (which funds about half the costs of North Dakota's rural hospitals and nursing homes). Ronald Reagan learned that lesson when his tax cut did not in fact increase revenues, and he was forced to raise taxes several times.

Why don't they want their taxes cut?

When the "populists" demanded Tax Fairness, they didn't mean that Congress should leave in all the loopholes, the tax-dodges and tricks that enable $2 trillion to be stashed in overseas tax havens, paying for tax cuts by stripping away the only deductions that enable working people to claw their way up the ladder of the American Dream.

Republican congressmen are hoping to get Trump's tax plan onto his desk to be signed by the end of the year, following a series of humiliating defeats in their bid to repeal and replace Obamacare.

The belief is that putting more money into the pockets of individuals will spur more investment in the USA economy, and more revenue for corporations can lead to new business ventures and more job creation.

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

Who brought them all together? Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found.

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.

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. A 0.4 percent boost might be enjoyed by the middle-income households.

A rather worrying conclusion of the report for Republicans was the finding that the proposed plan would cause a drop in federal revenues- $1.98 trillion over a period ten years. It gathered responses from 1,608 adults and has a credibility interval, a measure of accuracy, of 3 percentage points.

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