Jewish Millionaires Tell Congress: Don't Cut Our Taxes!

Jewish Millionaires Tell Congress: Don't Cut Our Taxes!

Jewish Millionaires Tell Congress: Don't Cut Our Taxes!

Among the signators are filmmaker Abigail Disney, former Rockefeller Brothers Fund chairman Steven Rockefeller, former American Airlines CEO Robert Crandall, professor Neva Rockefeller, former U.S. Labor Secretary Robert Reich, billionaire activist and financier George Soros and clothing designer Eileen Fisher. They say the money that corporations and the rich save on their taxes would likely be used to start new companies or build new factories, the Post explained.

■ There would be a dramatic shift in who pays taxes from businesses to individuals.

Why don't they want their taxes cut? "Everything in our tax system is meant to encourage investment". The letter is primarily aimed at congressional Republicans, who are considering various proposals that would result in the richest Americans paying less in taxes than they do now.

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.

The Tax Foundation had released an earlier report that focuses on the growth advantages of the tax reforms and is hence given more weight by the Republicans.

■ 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. That would be devastating for all but the wealthiest Americans.

The New York Times, citing the Institute on Taxation and Economic Policy, estimates the Republican plan would raise taxes for 45 percent of middle-class taxpayers by 2026, while the top 1 percenters will get an average tax cut of $64,720 a year by 2027.

The strongest opposition came to the Republican proposal to eliminate deductions for medical expenses, with 54 percent saying they are against the change and 32 percent saying they support it. 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.

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