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    Over 400 US Millionaires Urge US Congress to Avoid Cutting Taxes - Letter

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    The US Congress has presented tax projects, according to which, it is proposed to reduce the taxes for households with earnings of more than $1 million and citizens with incomes of more than $ 500,000 from 39.6% to 38.5%.

    MOSCOW (Sputnik) More than 400 US millionaires and billionaires including George Soros submitted a letter to the US Congress calling not cut taxes,  taxes, as this move may sharpen the inequality.

    "Tax reform should be, at a minimum, revenue neutral—without using gimmicks like dynamic scoring. We are deeply concerned that revenue loss would lead to deep cuts in critical services such as education, Medicare, and Medicaid, and would hamper our nation’s ability to restore investments in our people and communities," the letter said.

    READ MORE: Sanders: Trump’s Plan to Reduce US Corporate Taxes to 15% ‘Totally Absurd’

    Authors of the letter even called on the Congress to raise the taxes for wealthy people to boost the country’s budget.

    "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. Doing so will help create jobs, strengthen the middle class, and ensure America’s economic success. Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations," the letter added.

    Republicans are planning to pass the bill to vote already this week. If it is adopted, this will be the first major change in the US tax code for more than 30 years.


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