Patriotic Millionaires For Fiscal Strength Not Optimistic (for some reason)
150 Patriotic Millionaires want their taxes raised, but don’t think it is going to happen.
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150 Patriotic Millionaires want their taxes raised, but don’t think it is going to happen.
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These people should be running for office. By the way, not one of them is from Delaware, not even though nearly 5% of our total households are millionaires.
Look at the wording closely though. They are at odds with the Obama 2008 proposal to let tax cuts expire for incomes over $250K. I think these are mostly people who make between $250K and $1M and are mostly lobbying for continued tax cuts for themselves. Notice the asterisk next to the names of those who support the $250K mark:
They are also abusing the traditional definition of millionaire, which is having net worth of $1M, not income of $1M.
Also: “we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled.”
I guess the Patriotic Millionaires haven’t updated the site for a while. Maybe they are in a funk after Obama totally blew them off in favor of even richer people.
or maybe they are sleeping off their blow job he gave them
Yeah, the Patriotic Millionaires get a pony either way. Heads they win, tails you lose.
evil republicans are preventing 150 patriotic millionaires from writing a check to the US treasury.
Why cant we make the 400 people who have half the money in the country pay half the taxes? seems fair to me
The Progressive Caucaus has a plan that will balance the budget without any cuts to social security, medicare/medicaid. 80 of them are supporting it and Dennis Kucinch has challenged Obama. realnews.com! Dennis is the man we should support he has been right on every issue. Obama is right wing and a corporatist. If he thinks progressives will automatically donate, campaign for him…then he hasnt been listening to the progressives. They are challenging him.
Why cant we make the 400 people who have half the money in the country pay half the taxes? seems fair to me
Except that we tax income, not net wealth. But you are on the right track.
evil republicans are preventing 150 patriotic millionaires from writing a check to the US treasury.
No, evil Republicans are preventing the millions of non-patriotic millionaires from writing a check to the US Treasury. But you are on the right track too.
The top 5% of earners pay about 60% of income tax collected.
(see SB, you nearly got your wish, top 5% = AGI of $160k or more)
The bottom half of earners pay about 3% of income tax collected.
The bottom half of earners pay about 3% of income tax collected.
That is because they don’t make enough money to fall into a taxable bracket. The money they used to make is now in the hands of the top 1%.
If you want the bottom half to pay more, raise their incomes, not their taxes. The cure for the deficit is jobs – good jobs.
but anon, jobs will appear if we let the rich keep more money…. they wont know what to do with it all and will drive down MLK blvd and heave it at the liberal masses from their stretch Hummers. Just like Lord Reagan envisioned.
What’s shocking about that statistic, hmmm, is that half the wage-earnings in this country make $30,000 a year or less.
The bottom half of earners pay about 3% of income tax collected.
What did Republicans expect would happen when they began shrinking the middle class?
Republicans won’t be happy until five guys have all the money in the country. And they will still complain their taxes are too high.
If you want the bottom half to pay more, raise their incomes, not their taxes
or
If you want the top half to pay more, raise their incomes, not their taxes…
If you want the top half to pay more, raise their incomes, not their taxes…
Been there, done that, didn’t work.
The bottom half of earners pay about 3% of income tax collected.
Don’t Republicans want to get rid of evil taxes? Well, congratulations then.
If you want “the rich” to pay more taxes, then maybe your should support the “Fair Tax”. Those evil rich people spend all that money, so the Fair Tax would capture 23% of everything they spend!
Please read and fully understand the proposed Fair Tax before your try to tear it down. It’s simple to understand and makes a lot of sense, no matter which side of the aisle you sit on.
Try instituting Fair Tax and you’ll wind up with income tax and Fair Tax.
the Fair Tax would capture 23% of everything they spend!
Not true. The very rich spend most of their money on financial paper – equities, bonds, etc.
If the Patriotic Millionaires want to pay more in taxes, they can: the Treasury Department has a website set up where they — or you, or anyone — can voluntarily pay more taxes. If they believe that they should pay more in taxes, they can, nothing is stopping them.
They don’t have to wait for tax laws to be changed, and they don’t have to wait for lower rates to expire.
It really doesnt matter if they want to. They have amassed their wealth and success because the rest of the country spends money for their goods and works for them. They are nothing without the rest of country and it is time to give back….. that socialistic enough for ya anon?
anyone — can voluntarily pay more taxes.
And if the wealthy want to pay less taxes, they can hire more people or re-invest in their businesses any time they want. Instant tax cut with no Act of Congress required.
Capital has legs. Tax and regulate it too much and it will leave. Rich people are more mobile than you and me. There are only a few things you can do with money:
1. Save it
2. Spend it
3. Invest it
4. Give it away
1-3 create employment
Income tax returns are private, of course, but it would be interesting to look at the tax returns of the 150 Patriotic Millionaires. I’d guess that, if we could see them, we’d find every conceivable deduction taken.
There are only a few things you can do with money:
1. Save it
2. Spend it
3. Invest it
4. Give it away
1-3 create employment
Well, for the last ten years they haven’t been creating jobs with it, so who the hell are they giving it to?
Well here’s part of the answer about where the money is:
Companies raise money at a blistering pace
If Obama took (confiscated, taxed, redistributed, stole) the entire wealth of every american billionaire, and left them naked at the bus stop…
It would cover less than half of this years deficit.
if we revert to the pre-Bush tax rates… everyone’s taxes would go up and we would still need to cut a Trillion dollars to balance the budget.
to praphrase an old campaign slogan,
It’s The Spending Stupid!
If Obama took (confiscated, taxed, redistributed, stole) the entire wealth of every american billionaire, and left them naked at the bus stop…
I’ll settle for an extra few points from every millionaire’s annual income, not their net worth. Then we collect it every year.
Obama made a point today that he should have made a long time ago: Some want to fix the deficit with tax hikes, some want to fix it with spending cuts. They are both right.
AP headline: “Obama: Cut spending, raise taxes on the wealthy”
This could be the makings of an actual Democratic agenda.