But some of the wealthiest Americans have pleaded with Congress not to go ahead with the tax reforms, claiming the timing was wrong with debt rising and inequality at its highest levels for almost 100 years.
More than 400 millionaires and billionaires in the United States, part of an organization called "Responsible Wealth", sent an open letter to Congress, urging them to reconsider the tax plan and not cut their current tax rates. The rally was organized by Patriotic Millionaires, a left-wing group of wealthy people who support political representation for all citizens and believe the rich should shoulder a greater burden of taxes.
But signers of the Responsible Wealth letter disagree, arguing that corporations are already at record profit levels and wealthy people don't need more money. Republicans say, "we can't afford to spend money, but we can afford to give rich people a huge tax break".
To be sure, Americans are more likely to believe the wealthy will benefit most from the tax reform now being pushed in the U.S. Congress by Republicans who insist their goal is to help the middle class, according to a Reuters/Ipsos opinion poll released.
"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", the letter reads.
Instead, they say they want taxes on the wealthy to be raised, the Washington Post reported.
The millionaires' letter was signed by the founders of Ben & Jerry's, fashion designer Eileen Fisher, and philanthropist Steven Rockefeller, as well as many unknown but wealthy Americans.
Congress is working to try to enact the most sweeping overhaul of the tax code since the 1980s that would lower taxes for millions of individual tax payers and slash the rate paid by corporations. If my income gets bigger, I'm not going to invest more. While these critical agencies help millions of people, repealing the estate tax would benefit just two out of every 1,000 estates.
The White House and congressional Republicans contend the bill is geared toward pumping more investment into the us economy.
The signatories of the letter argue that Republicans' tax reform plans, of which there are several, would make wealth inequality even worse than it is now, and cite several components of the legislation that would benefit the richest Americans at the expense of the middle class.
Everyone loves paying less in taxes, right? The Congressional Budget Office's analysis of the House tax plan estimates that it would add $1.7 trillion to the federal deficit over the first decade. Most of the signers of the letter come from California, New York and MA, states that went for Hillary Clinton in the last election.
Republican representatives from California, New York and New Jersey are expected to be key swing votes that could make or break the GOP tax plan efforts.