'Patriotic Millionaires' Beg Supercommittee for Higher Taxes

gimmesometruth27
gimmesometruth27 St. Fuckin Louis Posts: 25,087
edited November 2011 in A Moving Train
i don't know how effective it will be, but it is a good sign...these are all businessmen who are for the most part self-made millionaires. i think they might have an idea what they are talking about...

'Patriotic Millionaires' Beg Supercommittee for Higher Taxes

http://news.yahoo.com/patriotic-million ... 20525.html

Two dozen wealthy members of the group Patriotic Millionaires for Fiscal Strength are targeting members of the deficit "supercommittee" to increase their taxes.

Entrepreneur and producer Charlie Fink, said he and other Patriotic Millionaires testified in a congressional hearing and visited the offices of 13 members of Congress on Wednesday, seven of whom are members of the supercommittee, to express their concern for the country's fiscal health.

Fink, who lives in Washington, D.C., said if the Bush tax cuts do not expire, the country "is digging itself a big hole by foregoing revenue."

"Without revenue, we will never solve the problem by giving tax cuts to the wealthy while supporting two foreign wars," Fink, a former AOL executive, said.

The group visited the offices of legislators in both parties, including Senators John Kyl, R-AZ, and Pat Toomey, R-Pa., and Reps. Nancy Pelosi, D-Calif., minority leader, Xavier Becerra, D-Calif., and Jim Clyburn, D-S.C., assistant democratic leader.

"It was a very refreshing conversation that restored my faith that there are people who, in spite of their financial successes, have not lost their compassion and sense of fair play," Rep. Clyburn told ABC News after meeting the group.

The supercommittee has stalled on how to trim over $1 trillion from the budget.

Democratic members of the group met on Wednesday for more than two hours.

Patriotic Millionaire Robert Johnson, former chief economist of the U.S Senate banking committee, said that the current economic system is not broken, but it is "working on behalf of those who designed it in their favor."

"America is no longer based on markets and capitalism, instead our economy is designed as 'socialism for the rich' – it is designed to ensure that the wealthiest people take all of the gains, while regular Americans cover any losses," he said at a press conference this afternoon in Washington, D.C.

"It's a Las Vegas economy where regular Americans put their money on the table and the richest 1 percent own the house," he said. "And if the 1 percent happen to lose money, the 99 percent bails them out – covers their losses and then stands by watching while the house does it all over again."

Last November, the Patriotic Millionaires launched with 45 signatories who sent a letter to President Obama asking him to allow the Bush-era tax cuts to expire at the end of last year. The petition was signed by the Grammy Award-nominated DJ, MOBY, as well as Jerry Cohen of Ben-and-Jerry's-Ice-Cream fame.

The Patriotic Millionaires for Fiscal Strength wrote a 155-word letter saying they hope their taxes will increase. Its text is posted at FiscalStrength.com.

The message of the group has remained the same.

"For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled," the group's website states. "We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more."
Other Patriotic Millionaires who participated on Wednesday were Lawrence Benenson, executive vice president of Benenson Capital Co., David desJardins, former Google software engineer, Guy Saperstein, civil rights attorney, and Eric Schoenberg, former managing director of Broadview International.
"You can tell the greatness of a man by what makes him angry."  - Lincoln

"Well, you tell him that I don't talk to suckas."
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Comments

  • Jason P
    Jason P Posts: 19,437
    If they really wanted to make a statement, they could have released their last year's tax statement along with a check to the U.S. government that covers the Bush tax cuts. It's called leading by example. Enough with this petition non-sense.
    Be Excellent To Each Other
    Party On, Dudes!
  • Monster Rain
    Monster Rain Posts: 1,415
    I appreciate this group's willingness to pay more in taxes, but I have to ask one question: Do the members of this group make more of their money from their salaries or from dividends and stock sales? The reason I ask this is because if they are making most of their income through dividends and stock sales, then they have done so in order to ensure that they pay less in taxes since capital gains are taxed at a lower rate. Therefore, a tax increase won't actually impact them because their wages are artificially low. In essence, this tax increase would then have a bigger impact on people earning less than they do than it would on them. I'd also like to point out that the IRS will never prevent them from overpaying when tax time rolls around. They can willingly avoid taking any of the deductions they take each year in order to increase what they owe.
  • MayDay Malone
    MayDay Malone Posts: 641
    Monster Rain wrote:
    I appreciate this group's willingness to pay more in taxes, but I have to ask one question: Do the members of this group make more of their money from their salaries or from dividends and stock sales? The reason I ask this is because if they are making most of their income through dividends and stock sales, then they have done so in order to ensure that they pay less in taxes since capital gains are taxed at a lower rate. Therefore, a tax increase won't actually impact them because their wages are artificially low. In essence, this tax increase would then have a bigger impact on people earning less than they do than it would on them. I'd also like to point out that the IRS will never prevent them from overpaying when tax time rolls around. They can willingly avoid taking any of the deductions they take each year in order to increase what they owe.


    I agree w/ this/. These millionaires don't get rich by giving it away, and unfortunately, they have the money to hire the accountants to ensure they pay less than people that make far less. The smart ones will pay themselves a salary of about $10, 000/year. The tax code is so complicated that the average American can't navigate/ manipulate it like these guys w/ forensic accountants. These loopholes need to be closed, IMO.
  • Monster Rain
    Monster Rain Posts: 1,415
    I agree. I don't want to completely raise the capital gains rate up to the standard rate only because many working class people and retirees would see their taxes raised, too, but I do think there should be a similar progressive rate on them so that billionaires don't pay a lower percentage than most other people simply because the law allows them to take a small salary and supplement it with stocks in order to pay less in taxes.
    MayDay Malone wrote:
    Monster Rain wrote:
    I appreciate this group's willingness to pay more in taxes, but I have to ask one question: Do the members of this group make more of their money from their salaries or from dividends and stock sales? The reason I ask this is because if they are making most of their income through dividends and stock sales, then they have done so in order to ensure that they pay less in taxes since capital gains are taxed at a lower rate. Therefore, a tax increase won't actually impact them because their wages are artificially low. In essence, this tax increase would then have a bigger impact on people earning less than they do than it would on them. I'd also like to point out that the IRS will never prevent them from overpaying when tax time rolls around. They can willingly avoid taking any of the deductions they take each year in order to increase what they owe.


    I agree w/ this/. These millionaires don't get rich by giving it away, and unfortunately, they have the money to hire the accountants to ensure they pay less than people that make far less. The smart ones will pay themselves a salary of about $10, 000/year. The tax code is so complicated that the average American can't navigate/ manipulate it like these guys w/ forensic accountants. These loopholes need to be closed, IMO.
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,861
    gimmesometruth27 wrote:
    i don't know how effective it will be, but it is a good sign...these are all businessmen who are for the most part self-made millionaires. i think they might have an idea what they are talking about...

    On a similar note I remember reading somewhere about how the super rich don't really care about how much money they have because after a certain point its just like a game to see who can have the highest numbers. One of them (it may have been Warren Buffett or Bill Gates) said,well ok, then lets start a contest to see who can give the most away and, apparently, that got a lot of big time giving started. Anyone else read about this? Am I remembering correctly?

    By the way, gimme, nice avatar. Abbie Hoffamn wore that shirt well!
    "It's a sad and beautiful world"
    -Roberto Benigni

  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 25,087
    brianlux wrote:
    By the way, gimme, nice avatar. Abbie Hoffamn wore that shirt well!
    thanks. that dude knew how to make a statement.

    the ows people should embrace that flag, but to them it represents all that is wrong with america. the tea party took over the "don't tread on me" flag and i think it would be a big statement for the youth movement to take back the american flag and make that the symbol of their movement and make it represent the country they wish to have. that flag means different things to different people all over the world. old men in political offices, war hawks, and republicans do not have a monopoly on that flag.

    could you imagine how pissed off people would be if all of the ows protesters waved the american flag at their protests?
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,861
    gimmesometruth27 wrote:
    i think it would be a big statement for the youth movement to take back the american flag
    Yes! Just as Jeff Ament did when he pointed out that is why one of his skate boards is painted with the red white and blue- he said "I'm taking back our colors".
    "It's a sad and beautiful world"
    -Roberto Benigni

  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 25,087
    brianlux wrote:
    gimmesometruth27 wrote:
    i think it would be a big statement for the youth movement to take back the american flag
    Yes! Just as Jeff Ament did when he pointed out that is why one of his skate boards is painted with the red white and blue- he said "I'm taking back our colors".
    i never heard about that. but i agree with him.
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."
  • Godfather.
    Godfather. Posts: 12,504
    MayDay Malone wrote:
    Monster Rain wrote:
    I appreciate this group's willingness to pay more in taxes, but I have to ask one question: Do the members of this group make more of their money from their salaries or from dividends and stock sales? The reason I ask this is because if they are making most of their income through dividends and stock sales, then they have done so in order to ensure that they pay less in taxes since capital gains are taxed at a lower rate. Therefore, a tax increase won't actually impact them because their wages are artificially low. In essence, this tax increase would then have a bigger impact on people earning less than they do than it would on them. I'd also like to point out that the IRS will never prevent them from overpaying when tax time rolls around. They can willingly avoid taking any of the deductions they take each year in order to increase what they owe.


    I agree w/ this/. These millionaires don't get rich by giving it away, and unfortunately, they have the money to hire the accountants to ensure they pay less than people that make far less. The smart ones will pay themselves a salary of about $10, 000/year. The tax code is so complicated that the average American can't navigate/ manipulate it like these guys w/ forensic accountants. These loopholes need to be closed, IMO.
    these guy's are not stupid (if they're for real) they did not get wealthy offering to pay up higher tax's or letting any body get to their money or how they really earned it this group sounds a little fishy to me, anybody that can make money as they have always have an angle and play it well...come to think of it good for them it's a job well done,isen't that what we call the American dream ? :lol:


    Godfather.
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,861
    gimmesometruth27 wrote:
    brianlux wrote:
    gimmesometruth27 wrote:
    i think it would be a big statement for the youth movement to take back the american flag
    Yes! Just as Jeff Ament did when he pointed out that is why one of his skate boards is painted with the red white and blue- he said "I'm taking back our colors".
    i never heard about that. but i agree with him.

    It's right around 44:30 on "Imagine in Cornice."
    "It's a sad and beautiful world"
    -Roberto Benigni

  • WaveCameCrashin
    WaveCameCrashin Posts: 2,929
    Haha what a joke these guys are. :lol::lol: The thing is you could tax Americas wealthiest income earners 100% of their income and it wouldn't make a dent in the deficit.


    http://dailycaller.com/2011/11/17/patri ... z1dzJONwaq
  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 25,087
    WaveCameCrashin wrote:
    Haha what a joke these guys are. :lol::lol: The thing is you could tax Americas wealthiest income earners 100% of their income and it wouldn't make a dent in the deficit.


    http://dailycaller.com/2011/11/17/patri ... z1dzJONwaq
    i would rather run at less of a deficit than we already have, wouldn't you?
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."
  • _
    _ Posts: 6,657
    brianlux wrote:
    On a similar note I remember reading somewhere about how the super rich don't really care about how much money they have because after a certain point its just like a game to see who can have the highest numbers. One of them (it may have been Warren Buffett or Bill Gates) said,well ok, then lets start a contest to see who can give the most away and, apparently, that got a lot of big time giving started. Anyone else read about this? Am I remembering correctly?

    http://givingpledge.org/
  • Godfather.
    Godfather. Posts: 12,504
    gimmesometruth27 wrote:
    WaveCameCrashin wrote:
    Haha what a joke these guys are. :lol::lol: The thing is you could tax Americas wealthiest income earners 100% of their income and it wouldn't make a dent in the deficit.


    http://dailycaller.com/2011/11/17/patri ... z1dzJONwaq
    i would rather run at less of a deficit than we already have, wouldn't you?

    I was reading one of those goofy e-mails about the deficit saying why do have a deficit and how do the gov. account for it ? I may sound a bit goofy myself bit it almost kinda made sense... :D

    Godfather.
  • Sludge Factory
    Sludge Factory Posts: 976
    This is funny to me. These guys are pretty much begging to have their taxes raised, but what is stopping them from voluntarily paying more? The tax form I fill out always has a line it it for extra "donations" to the US government so if they want to pay more in, I would recommend they look at that.
  • _
    _ Posts: 6,657
    I think people who say they should just pay more are missing the point. The point is that the system needs to change.
  • Jeanwah
    Jeanwah Posts: 6,361
    gimmesometruth27 wrote:
    brianlux wrote:
    By the way, gimme, nice avatar. Abbie Hoffamn wore that shirt well!
    thanks. that dude knew how to make a statement.

    the ows people should embrace that flag, but to them it represents all that is wrong with america. the tea party took over the "don't tread on me" flag and i think it would be a big statement for the youth movement to take back the american flag and make that the symbol of their movement and make it represent the country they wish to have. that flag means different things to different people all over the world. old men in political offices, war hawks, and republicans do not have a monopoly on that flag.

    could you imagine how pissed off people would be if all of the ows protesters waved the american flag at their protests?

    I love that pic too. And yeah, your last sentence should be a strategy the OWS movement should look into. A bunch of protesters using patriotism to their advantage. Like Abbie Hoffman.
  • EdsonNascimento
    EdsonNascimento Posts: 5,531
    _ wrote:
    I think people who say they should just pay more are missing the point. The point is that the system needs to change.

    We get the point. But, why not lead by example? Yes, many of them give to charities. So, why not give all that to the gov't to reduce the deficit?

    I'll answer my own question - because they know the gov't will mis-use it. Thus, the reason to not raise taxes in the first place. They (think they) know places that will better use the money. Good for them.

    So, their solution is make it compulsory. Well, why not keep your mouth shut (or keep talking, whatever) and just put the money into the til? Why do they have to wait until other Millionaires do it? Like gimme said - less of a deficit (in theory) is better than what's going on now (though we all know this money will just be spent and never really go to the deficit).
    Sorry. The world doesn't work the way you tell it to.
  • Jeanwah
    Jeanwah Posts: 6,361
    edited November 2011
    What I wonder is if people really forget that the rich have always paid more in taxes, right up to Reagan era. I don't know the percentage, but it was double digits from what I remember. So why is it such a big freaking idea NOW? Re-instituting these taxes gets us back to where we were when there was a healthier middle class and healthier country. It's a NO BRAINER.
  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 25,087
    i am of the opinion that it is not about deficits at all. it is about making obama fail at all costs, and the gop has done a nice job of that...
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."

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