Dozens of America’s wealthiest taxpayers — including hedge fund legend Michael Steinhardt, super trial lawyer Guy Saperstein, and Ben Cohen of Ben & Jerry’s fame — have appealed to President Obama not to renew the Bush tax cuts for anyone earning more than $1 million a year. Calling themselves “Patriotic Millionaires for Fiscal Strength,” the 40-plus signers today launched a website and a campaign that they hope will draw support from others who agree that fiscal responsibility should begin with those who can best afford it — as their letter to Obama explains.
[…]
The Patriotic Millionaires campaign, pulled together quickly by the Agenda Project in New York City, just happens to appear on the same day as a new study from the Center for Responsive Politics revealing that half of the members of the House and the Senate are millionaires. That contrasts sharply with the general population, of whom fewer than 1 percent can claim millionaire status.
Some might see a correlation and potential conflict of interest in that last point. Obviously, irresponsible conspiracy theorists.
Not surprisingly, some of the super-rich declined to join the Patriotic Millionaires when the Agenda Project reached out to them. […]A Manhattan hedge fund billionaire said he believes the cuts should be extended and added that “the moneys should be used to pay down debt” — which sounds like the magical Republican plan to simultaneously cut taxes, wage war and drastically reduce the deficit. The same investor also complained that “anyone who has money is made to feel that they’re bad.”
Bad? Only if they’d rather force Grandma to eat cat food than pay their fair share.
“Bad? Only if they’d rather force Grandma to eat cat food than pay their fair share.”
– It seems popular these days to say that millionaires who don’t want to pay more tax are somehow not paying “their fair share.”
Bullshit.
Someone earning $1million a year is paying at least 40 X as much tax as some earning $25,000 a year.
Just consider New York City – which was gets a big chunk of income tax revenue from the “Wall Street fat-cats'” bonuses. Did you know that people in NYC pay Federal, State & City income tax?
And it must have been a big chunk, because when Lehman brothers went bankrupt, NYC suddenly faced a huge drop in income tax revenue.
People seem to think that high-income earners are “stealing from grandma”. They aren’t. They get a paycheck – often from the company that they started and own. And they employ many people.
How about an income tax cut for any person or business who hires a new employee this year (with rules against simply firing and then re-hiring people) ?
Governments don’t create jobs. Only people create jobs.
Rich people with a conscience? Shocking!!!
Well, Uncle Sam, you delivered. People will second-guess your specific decisions; you can always count on that. But just as there is a fog of war, there is a fog of panic — and, overall, your actions were remarkably effective.
Pretty Good for Government Work
Warren Buffet
A nice gesture, but doesn’t this assume that the feds aren’t going to just waste it? Personally I think that ALL government doesn’t have a revenue problem, but a spending problem.
All the temporary tax cuts must expire, and there should the an “across the board” pay cut of 10% for all nonmilitary federal workers and contractors not classified in the lower Wage Grade ranks.
The budget must be balanced this year, and every subsequent year.
RK FTW!
chuck, you must know your logic is faulty.
If the rich person in NYC, making $250k, doesn’t want to pay his taxes, THEN MOVE to NJ!! If he doesn’t want to pay his federal taxes, then leave the country, and renounce US citizenship. Easy peasy, there is a process for everything.
#4, “Governments don’t create jobs. Only people create jobs.”
Therefore governments aren’t people.
#2, “Rich people with a conscience?”
The best consciences are very expensive.
#5, “Personally I think that ALL government doesn’t have a revenue problem, but a spending problem.”
Exactly. They own more than a billion pairs of shoes!
#6, “All the temporary tax cuts must expire, and there should the an “across the board” pay cut of 10% for all nonmilitary federal workers and contractors not classified in the lower Wage Grade ranks. The budget must be balanced this year”
Similarly, we must all drive nonmilitary Humvees and get better gas mileage this year.
Threats of changes to the death tax cause me to change my investment strategy.
The current strategy is to allow my demented father and myself to live out our natural lives.
That strategy may change, if I need to avoid excessive taxes pass his estate to my kids before the 1st of the year.
#1,
Except that 2/3 of the USA makes less then $12 per hour. MOST of those are making less than $10 per hour, and MOST of those are making less then $8 per hour..
IF you PAY THEM MORE, they will pay more in Taxes, which means the RICH wont need to pay as much.
Nothing stopping these rich “progressives” from making a donation to the US government of their own money. They could write the check TODAY.
But they won’t.
My own thoughts is that a flat tax on ALL income is the way to go. From first dollar to the last.
Taxes are for revenue, not social engineering, market manipulating subsidies, or hidden welfare payments.
I have always laughed at people who use terms like “fair share” and phrases like “those who make more can afford to pay more”. These always get said by people who are not going to be affected by the increase.
I do agree with one thing the limit on tax cuts should be higher, $200k is too low.
RSweeney, just suggest that poor people pay YOUR fair share, why dontcha? Idiot.
think about it..
How many SITES, that ask you personal questions..
ask your yearly salary and START AT $25k-30k?
(#1, chuck, you set this up very nicely)
60% of USA workers DONT MAKE $13 per hour. Making $10 per hour is difficult to find.
And making $15 per hour($30k per year) is a DREAM for most of these people.
The problem tends to look like this..
Wages-Taxes-Utilities-food-bills=$0.00
simplified..
Wages-Gov(taxes)=WG-Corps(estimation of whats left of your pay)=$0.00
They could just write a check to the IRS
# 1 chuck said,
“- It seems popular these days to say that millionaires who don’t want to pay more tax are somehow not paying “their fair share.”
Bullshit.”
If only if our country wasn’t so prosperous when tax on the rich where 90% history
Pretty common for the rich and big companies to want to keep the competition down.
The article confuses wealth and income. Many of the people in the top tax bracket are not in the top brackets year after year. I would like to know how many of the signers are actually making millions of dollars now, or are they merely living off of past income?
Let’s pass a law to raise the tax rates on these individuals to 90%. To oppose it is unpatriotic.
#11 RSweeney “My own thoughts is that a flat tax on ALL income is the way to go. From first dollar to the last.”
I think a true flat tax is a great idea IF it goes along with eliminating those thousands of exemptions. However, I think the VAT is the coming thing especially since it has a European cachet.
distraction.
silly hoomans
-s
Howzabout we get rid of the ENTIRE tax system and start over with something that really IS equitable (and not a monstrosity that has been cobbled together for the last 90 or so years…)
Good on them. But if they really want to be patriotic they will purchase senators and reps to reform the banking system. Their patriotism is useless if the extra taxes they donate goes to banker bonuses overseas and doesnt help the fact that the credit system is still screwed so small business can’t get loans.
The tax code needs to be rewritten starting with a SINGLE page of paper.
Any tax code that needs more that ONE page is going to be gamed by the people with income for the people with assets.
I assume the poster was a west coast/East coast guy who thinks the answer to the employment problem is to put everyone to work for the government.
CA and NY are now two of the most business hostile locations in the US and it shows.
I like what Olo Baggins said last week, paraphrased: there is a difference between having a point of view and being a partisan. He said a partisan always blames the other side. Thats pretty close. Partisans refuse to compromise on their point of view to achieve worthy goals in their programs because it goes against some dogma of higher priority.
No doubt the Pukes want to lower the deficit==but their partisanship requires them to follow the prime dogma: lower taxes. And lower taxes the most for those who have the most. Doesn’t matter where the taxes are or what they are on: lower them.
Have a law that is supposed to sunset this year during high deficit spending? If extending it forever, or for two years, or for a nanosecond will lower taxes then that is what we should do. Of course they “care” about grandma eating cat food, veterans paying for lunches while learning to walk with prosthetics, and the highly regressive effect of future inflation==but TAXES MUST BE CUT.
The history books will note how in the transition from great to also ran, the American public CONFLATED taxes with slavery/the desire to be rich themselves with any confiscatory tax ((those taxes above zero per cent)) lowering that desired status/and yes: god,guns,andgays with lowering taxes too.
Truly a parallel universe where stupid reigns, having one idea and one idea only is seen as patriotic, and being spineless is portrayed as being thoughtful.
Where is the detailed 5-10 year budget plan for return to solvency? Why is even a one year budget never mentioned?
Silly Hoomans.
I will believe these guys are genuine in their stance when the tax cuts do get extended and they send in a check to the IRS for whatever their taxes would have been had they expired. I’m guessing their accountants will be saving them every penny they can.
It’s funny that everyone that thinks they should pay higher taxes doesn’t send the Feds more money. Oh that’s right, they just want everyone else’s taxes to go up.
#1 AND THE REST OF YOU..
What does a business economy REQUIRE?
Sales and buying power.
what do the POOR have more then the RICH?
Buying POWER.
Everyone THINKS that MONEY on the top means something. All it means is GREED.
1 rich family CAN NOT, out buy/out purchase what all those making UNDER $12 per hour can buy.
The main complaint from BUSINESS is that NOT enough people are BUYING STUFF.. I wonder why? do they have enough MONEY to buy anything? NOT REALLY. WHY? BECAUSE PRICES WENT UP, esp on food and utilities.
18..Good thoughts..
BUT, do you know that the LOSS of work was started back in the 60-70’s…with pollution laws and regulations.. MOST corps went over seas and mexico, LONG AGO. The jobs you see being LOST NOW, are for lower income brackets.
HOW/WHY? Consolidation of WORK. Insted of having 20 stores around a metro area, they have 1 MEGA STORE. Insted of having 10 McD’s around the area, they installed them in MAIN MALL LOCATIONS.. INSTED of having a company ship to 20 distribution locations AROUND the USA, its 5.. DID prices go down, because of FEWER WORKERS?? NOPE, they went UP..
Do corps CARE, NOPE..they inflate prices to match INTERNATIONAL VALUE, but NOT NATIONAL prices. Fun isnt it?
#29–Chris==why should anyone “sacrifice” themselves to take the pressure off of others similarly situated who will opt to escape such participation.
Your analysis is childish.
Good Puke.
Money moves. Spook the wealthy and they leave.
Wow, a bunch of wealthy jews who want the tax cuts to expire. Israel and jewish groups aren’t getting their fair share of the US government dole?