Tax plan in Congress will benefit wealthy

GOP Sen. Ron Johnson to oppose tax plan

GOP Sen. Ron Johnson to oppose tax plan

Is tax reform a boon for the wealthy only?

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

Indeed, "worldwide multinational corporations shield an estimated 10 percent of global GDP from taxation through avoidance and evasion in obscure, unregulated financial enclaves", The Nation reported.

"I have a big income". More than half of USA wealth is controlled by 25 billionaires. Noting that he paid a higher effective tax rate than his own secretary, Buffet suggested that nobody earning over $1 million a year should pay a lower tax rate than middle-class families; this proposal eventually became known as the "Buffet Rule," and was endorsed by then-President Obama and, later, Hillary Clinton.

Republicans are planning to pass the bill to vote already this week.


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.

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.

"Instead (of cutting taxes), we call on Congress to raise our taxes to bring in additional much-needed revenue and to restore investments to vital services".

They take away deductions for state and local taxes, effectively double-taxing New Yorkers on that income (driving down home values, in the bargain), as well as deductions for education, medical expenses, home mortgage interest - in essence, the key rungs used by working people for upward mobility.

But broadly speaking, both the Senate and the House versions of the GOP tax plan would primarily benefit the wealthiest earners and corporations, according to analyses by Vox and the Washington Post. But also, the longer the tax plan is out in the sunshine, the more it stinks.

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