Published: Wed, November 15, 2017
Worldwide | By Isabel Fisher

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

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

Pitched as a tax cut for all, anyone who looks at the cuts in corporate taxes, elimination of estate taxes and creation of lower tax rate for pass-thru income knows that these cuts are aimed at benefiting the super wealthy.

"We are high net worth individuals, many in the top 1%, who care deeply about our nation and its people, and we write with a simple request: Do not cut our taxes", says the letter crafted by the advocacy group Responsible Wealth.

■ 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. During that same period of time, the share of wealth controlled by the bottom 90 percent of earners dropped precipitously - as it has been for several decades.

How do the Republicans intend to cut the tax cuts by $200 billion? The plans differ in some important ways, and it's impossible to predict with 100 percent certainty what either of their longterm effects will be.

Many analysts warn that Republicans will then try to recoup tax shortfalls by cutting Medicare, Medicaid and Social Security.

According to the Washington Post, most of the the signatories, which include Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, billionaire hedge fund manager George Soros, and philanthropist Steven Rockefeller, "come from California, New York, and MA, states that went for Democrat Hillary Clinton in the last election".

The group takes aim at the GOP tax proposals that would benefit the most affluent Americans and increase income inequality.

The Republican tax plan cuts taxes on average for people in multiple tax brackets, including the highest earners. If it is adopted, this will be the first major change in the United States tax code for more than 30 years.

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. "Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations", the letter added.

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