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Tax plan in Congress will benefit wealthy

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US President Donald Trump attends the APEC Economic Leaders Meeting in Danang Vietnam

With no plans for dealing with deficits other than cutting Medicaid, Medicare and Social Security, it is wildly irresponsible to propose a budget busting tax cut when we already have a growing economy and low unemployment.

The GOP is "saying we can't afford to spend money, but we can afford to give rich people a huge tax break".

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 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.

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

"Tax reform should be, at a minimum, revenue neutral-without using gimmicks like dynamic scoring".

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. Between 2010 and 2016, the share of wealth controlled by the top one percent of earners steadily grew, according to Federal Reserve data, reaching a record-high of 38.6 percent in 2016. Among Republicans, 26 percent think all Americans will benefit, followed by 16 percent who think the wealthy will benefit most, the poll found.

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House Republicans could pass their version this week while the Senate finance committee is still marking up that chamber's version.

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.

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.

The move comes amid a planned tax overhaul that could see huge tax cuts that would add around $1.5tn to the U.S. debt burden.

Meanwhile, the Treasury would be short some $3.4 trillion in the first 10 years, and $5.9 trillion the decade after.

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