Tuesday, June 7, 2011
On Ten-Year Anniversary of Bush Tax Cuts, Millionaires Plead: Raise Our Taxes
Coinciding with today's ten-year anniversary of the Bush Tax Cuts, Patriotic Millionaires for Fiscal Strength has sent the following letter to President Obama, Senate Majority Leader Reid, and House Speaker Boehner:
We are writing to urge you to put our country ahead of politics. For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you increase taxes on incomes over $1,000,000. We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more
Our country faces a choice – we can pay our debts and build for the future, or we can shirk our financial responsibilities and cripple our nation’s potential.
Our country has been good to us. It provided a foundation through which we could succeed. Now, we want to do our part to keep that foundation strong so that others can succeed as we have.
Please do the right thing for our country. Raise our taxes.
How very noble of him.
There is no reason why Buffett, Zuckerman, Gates and so forth can't pony up on their own at 50%, 70%, 90% or whatever they think is appropriate. But I'll bet that each one employs an army of accountants and attorneys to squeeze every tax law to minimize, defer, or eliminate their taxes.
Warren, Mark, Bill: Do the right thing. Take 50% of your cash and send it to the government, no strings or deferments attached. You'll be glad you did.
Otherwise, piss off, and let those of us earn income from wages and salaries, rather than from capital gains, keep what we worked for.
Posted by: orthodoc | Jun 7, 2011 2:51:31 PM
AMTbuff is correct, when these people start advocating for the immediate taxation of their unrealized capital gains then we should take them seriously.
Additionally, when these people stop paying for armies of accountants and tax attorneys to lower there tax bills then we should take them seriously.
Otherwise, they are just a bunch of windbags.
Posted by: anymouse | Jun 7, 2011 1:31:58 PM
What makes them "patriotic"...demanding more from everyone that they won't give on their own?
Posted by: Woody | Jun 7, 2011 11:51:13 AM
DLN, He's not hiring more people because demand doesn't require it! There is not enough demand out there for goods and services to create more jobs.
Posted by: Aaron | Jun 7, 2011 10:53:25 AM
When rich people start asking for immediate taxation of their unrealized capital gains, I will take them seriously. Until then, they are advocating higher taxes on others from the safety of the ultimate tax shelter: buying and holding.
Posted by: AMTbuff | Jun 7, 2011 10:27:37 AM
Why isn't Mr. LaMagna increasing the number of jobs at IceStone? Why isn't he investing in a new business that will require new jobs? If that doesn't make economic sense to him, how does increasing the tax rate on other entrepreneurs and reducing the amount of money they have to invest in their business improve the climate for business and job growth?
Why doesn't anyone in the media ask these questions of Mr. LaMagna?
Posted by: DLN | Jun 7, 2011 8:29:17 AM
There you go “Patriotic Millionaires.” Here’s your chance to be patriotic. No tax increase needed.
Posted by: Cody | Jun 7, 2011 7:51:13 AM
Raising taxes on incomes over $1,000,000 wouldn't raise very much money (unless marginal rates were really jacked up), but would probably reduce even further the already dwindling incentives to start new businesses in the US. Oh well, the authors of this letter already have theirs, why should they care about the rest of us?
Posted by: DBL2 | Jun 7, 2011 6:33:05 AM
All I can say is that there are some very insightful comments on this thread. it turns out the blog reading masses are a little bit more clever than the so-called "Patriotic Millionaires" gave them credit for.
Remind me again...what was the last refuge of scoundrels?
Posted by: DCLawyer | Jun 8, 2011 10:54:18 AM