'Patriotic' Millionaires Say, 'Raise Our Taxes!'

And don't tell 'em they're free to sign a check to the Treasury - they've heard that one before

In an act that would seem to defy political logic, the 1% is appealing to the White House to raise its taxes, and by a whole lot more than, well, 1%.

Business Insider reports that a group of over 200 moneyed men and women dubbed "Patriotic Millionaires for Fiscal Strength" met with White House officials and members of Congress earlier this month to plead their case for raising taxes on folks occupying their particular income bracket. They're calling for an increase of the inheritance tax and a limit to the deductions allowable by law, either by dollar amount or as a percentage of income, among other measures to usher in more government revenue.

As BI's Lucas Kawa notes, these millionaires have a ready-made answer to critics who suggest they simply volunteer their wealth to the federal government if they so desire. In short: "That's not the point."

"The Patriotic Millionaires' stance is that the tax debate is not a matter of personal virtue," writes Kawa, "but rather of societal choices."

Via Business Insider.

Do you agree with the 'Patriotic Millionaires'?

[joyshusband]

I wonder how many of the "patriotic millionaires" don't have accountants and or tax lawyers feverishly working year after year to lower their tax burden.

[tohickon]

Yeah cause 200 million dollars will put a dent in our debt. Where are the patriotic billionaires? A couple hundred millionaires giving money to a couple hundred millionaires in congress. Thats a smart idea. Why not invest it directly in neighborhoods and communities that need it and start doing it 15 years ago.

[martydotcom]

a good question to ask the Koch Bros. Sheldon Aldelson, Karl Rove and all the Dem PAC contributors, all the money pissed away in advertising probably did make a single positive impression changing anyone's vote.

[marine1]

This subject is bull put out by the spreaders of D C. If we could pay the debt off complete on monday, it wouldn't be three years and these incompetent,self serving,self rightious skuzz buckets would have us headed right down the same path that they have so brilliantly had us on for the last 200+ years. They can all kiss my lower rear anatomy!

[twinertia]

I suppose if they seriously wanna heft over more of their dough, I'm not gonna stop 'em. That said, their accountants should've already informed them that ANYTHING they fork out isn't gonna amount to a hill of beans, deficit-wise. Better to channel that cash into forming internal support networks for their employees, which, under full implementation, will raise around forty-four trillion ($44,000,000,000,000.00) dollars a year in revenue.

[joyshusband]

200 millionaires don't have 44 trillion dollars, your calculator needs a new battery.

[twinertia]

Never said they did. They do, however, have enough money to help fund support businesses for their employees, which will not only make their companies more money, it'll erase every penny of debt the country's in.

[joyshusband]

@twinertia Any sane person would know if your concept to raise 44 trillion dollars was as easy as you think, this thread would be about 200 trillionaires, not 200 millionaires.

[twinertia]

Never said it was easy, either. It requires fair amounts of time, paperwork, and oversight. It can be done, though, and could very well switch the gist of this thread.

[stepped_in_it]

Ok, rather than argue with you on this one like Joy, I'll bite. Please explain and show the math how "forming internal support networks for their employees, which, under full implementation, will raise around forty-four trillion ($44,000,000,000,000.00) dollars a year in revenue." I'd sure like to see that one!

[bsking]

this is all bs.

the simple fact is once " the rich"are taxed at a higher rate.. the next step is the middle class and even the poverty class will pay more. any of the morons who voted for Obama thinking you won't have to pay your way anymore... think again because even the sin taxes are going to be raised, and those are the ones that directly affect the poor welfare rats... more taxes on your smokes, booze and lottery

[Cool_voter]

Kinda like how when we gave cuts to upperclass, the tax cuts followed to low class.. Oh that's right, politics doesn't follow redneckonomics....oops !

[Cool_voter]

@drpeeper that's not true, sorry

[drpeeper]

@Cool_voter Sigh. If you can look up wikipedia. The following is stated: The Economic Growth and Tax Relief Reconciliation Act of 2001 made the following changes to the marginal income tax rates: single filers with taxable income up to $6,000, joint filers with income up to $12,000, and heads of households with income up to $10,000 were placed in a new tax bracket of 10%; the 15% bracket's lower threshold was indexed to the new 10% bracket;

[Cool_voter]

@drpeeper I just changed that article to make is say Jesus loves fish.
It will likely be changed back soon, but it proves my point, anyone can modify that page.

Bush tax cuts were aimed at the wealthy more than anyone else.

[Romney2012]

Depends on where the money goes

[bsking]

this whole argument about taxing the rich is meant to appease the Occupy movement and Obamas base who voted for " revenge". nothing more cause it will do absolutely nothing to lower our debt.

anyone who's paying attention know you could take every penny that millionaires and billionaires have... every cent... and it would only run our government for about 7 or 8 months... because we are governed by idiots who spend 40 percent more than they take in... and most of that is to keep the useless idiots happy out in welfare land.

it is inevitable that we will fast become Greece with welfare rats riding in the streets and scavaging through dumpsters for food... and why because they do not know how to take care of themselves and when government runs out of money they will lose their minds.

that is exactly what happened in Greece it is happening in Europe and it will happen here . this whole argument about raising taxes I'm the rich is so that the elite governing class can tell the morons with their hands out that they did what they wanted they got revenge on those evil rich people.... and then they will say "but sadly it's not enough... and now we need you people to do your part"

and then we'll see how many Patriots get a welfare check

[Cool_voter]

So explain how taxing the lower class would help.

[Cool_voter]

Also millionaires started that not Obama, please learn to read

[bsking]

@Cool_voter thats the point genius!

raising taxes on anyone will never help reduce our debt. taxes will be raised on EVERYONE though. that is a fact. it has always happened before and it will this time too. the ONLY thinv that will reduce our debt is to STOP SPENDING MORE THAN WE TAKE IN.

if you still cant grasp that concept ask your parents about their household budget.

[Cool_voter]

@bsking ok...
This thread is about millionaires not being rude... Can I help you?

[stepped_in_it]

Yeah....sure. "Patriotic millionaires", YOU have two sound choices here. Either file 1040EZ (and stop all your itemized deductions) and play what you consider your fair share -OR-(better yet) re-invest your money into sound businesses that will create better paying JOBS that will produce tax paying people who will spend their earned money at tax paying businesses that will produce more JOBS .....etc. Now, since our (so called) politicians haven't figured out that second option, maybe you can "guide" them??

[Cool_voter]

You know, by giving the bush tax cuts instead to the lower class, that alone would spark enough spending. The lower class has alot of welfare users. So give the tax cuts to them and they will have more money to use on what they need, instead of turning to welfare.

[Dan_Tien]

Yes, I do agree with them, and it is good to see that some people who will be effected by those tax increases actually support our country above their own interests. Capital gains taxes need to be increased as well. There is little point in trying to dig the country out of its financial hole through taxes levied on the 99% of Americans who control only 1% of America's wealth.

[CanisCanemEdit]

"And don't tell 'em they're free to sign a check to the Treasury - they've heard that one before"

But have they WRITTEN the check? Oh. That's what I thought.

[Real4WheelDrv]

Yeah, "raise our taxes so we don't have to GIVE it away willingly and can still claim solidarity with other Americans...we're all fleeced by THE MAN...."

[SueAnn]

I'm a Millionaire and let me tell you a millionaire doesn't have that much thanks to inflation etc. people on welfare live better. I pay too much in taxes and its time to make everyone pay taxes like that 47% scum that doesnt

[DARSB]

<sarcasm>It must be so difficult for you with inflation at 2% and all.</sarcasm>

[Gtiallday]

Million dollar home and 5 expensive cars, jewelry, expensive name brand cloths.... Man you have it rough! How will you be able to afford your house cleaning lady anymore!?!? THE HORROR! I'm sure you can afford a minuscule tax raise.

[Cool_voter]

Sueann, I would like to know why you hate our war vets so much...
That 47% scum as you put it, is made up of more seniors and disabled war vets than any other group.
So again why do you hate our war heros? I think they should be given more personally, giving up their personal life for people who wouldn't give an extra few percent on taxes....
You think a millionaire has it rough, what About a college student living on ramen, paying 800 for a book for a class, and eating ramen because of it.

[humptydumpty]

@Cool_voter hey there cool voter the vets r not part of the 47% get ur head outa the sand!! not many military folk voted for obama. he hates the military exept when he needs them to boost his image i happen to kno this. we talkun people like my neighbor who get a disability check for being a bedwetter. the money will run out no matter how much the take from the working class

[Cool_voter]

@humptydumpty your spelling discredits your neighbors bed wetting story, when you can't use facts just attack, right?

Sorry but that percentage DOES INCLUDE vets, meaning mitt hated vets, and you the vets.
I love our war vets so what's the problem... Why you mad, bro?

[Your_Name_Here]

How about if everyone pays a minimum 10% tax with no exemptions? It's a good starting point.

[stepped_in_it]

You mean a "progressive" flat tax which starts at 10% and works it way up according to earnings? Good idea that's been around for awhile.....but still a good idea. It would do away with loop holes, most of the (overly inflated, tax burdening) IRS and would allow ALL to be taxed (no more of my tax dollars to "child credit scams....etc). When do you want to start it?

[twinertia]

Won't raise enough revenue. You've got to go with a variable-rate consumption tax (no lower that fifteen [15%] percent when times are bad, no more than twenty-one [21%] percent when times are good, with an average of eighteen [18%] percent). Constitutionally-ratified, with Congress setting the rate with a yearly vote.

[woodtick57]

so many people would not be able to pay even that amount of their fair share...

We have a proressive tax system for a reason. it keeps a viable tax base viable...

[Your_Name_Here]

Progressive, yes but the real item here is to require all of those people who make a lot of money and pay NO taxes to start paying. All I hear is "tax the rich" but what we need to do is tax everyone.

[NormalFlora]

This completely blows out of the water the notion that liberals are all unsuccessful, unemployed moochers!!!

[sabbatical]

Patriotic Beggars Say,'Shoot Our Millionaires!'

[humptydumpty]

the ones that are saying raise our taxes have been told if they go public about it they will get a waiver i kno this to b true ha ha the rest of you rich.u better get off your butts n stop this

[Denizen_Kate]

"i kno this to b true " How do you know? Cite your source for that claim, please.

[WMCOL]

We need to go back to dirt roads and horses, and buggies, and rasising our own food, no government services, rural lifestyles, segregation. We've gotten so fat as a nation that we think fat is an entitlement. The millionaires are always gonna make out like thieves no matter what tax structure we have.

[Denizen_Kate]

That sounds depressing. I can't drive my little car on dirt roads, it rides too low.

You're right, we have gotten soft, but horses and buggies? With as many people as we have here, that isn't going to smell very nice. ;)

[ACTSmom]

Why can't we say they could always write a check to the US Treasury? Can't they? So what if they've heard it before. Most of them have probably gone long distances to save as much as possible on April 15th. This little missive does not make them any more patriotic than anyone else unless the others are all truly "cheating".

[Bobolinsky]

It is the point.

[humptydumpty]

what very few people realize is that half the country has been bribed with the other half of the countrys hard working taxpayers well the day will come when those taxpayers run outa money too n i wouldnt want to b obama when reality hits home to his voters

[RobertJHarsh]

This letter is a total scam. FAIL x 10.

[woodtick57]

As long as theyre talking about changing the inheritance tax UP to their level. i didnt work my a$$ off so my girls would get less than half of my estate.

[LGRepublican]

Exactly. It's an absolute travesty that my family worked hard for years to build the business and now a bunch of low life freeloaders thing they're entitled to benefit from OUR hard work. The thought of having to sell the business in order to pay taxes so some low life can have food stamps just enrages me.

[woodtick57]

@LGRepublican

i bet we''d get that law changed quick if everybody had to give half their estate to the govt upon death.

your parents died ? govt gets half the value of their house. they owe some on the house? too bad, they still take half of the value. Life insurance? govt gets half...

oh, and those taxes are due right away, not when it is best for you to sell the house...