Patriotic Millionaires

[dimpy.handa]

The Patriotic Millionaires, a group of millionaires who believe that government should increase the tax rate for millionaires, released a video calling on congress to raise their taxes.
The group, organized by The Agenda Project, seeks to end the Bush Tax Cuts that Obama extended last year, saying that it is unfair to give tax cuts to people in the highest income bracket.


I don't see how this helps the argument for taxing the rich. Instead I would favor examining how much of an impact such a high tax rate would have on the deficit. Certainly it seems clear that, combined with spending cuts in the defense sector, closing tax loops for corporations, and eliminating things like the drug war, we could at least take a major bite out of the deficit, and perhaps reverse our fortunes.

 

[shivibhanot]

Egerman is part of a gang of self-described Patriotic Millionaires who wish the federal government would help itself to more of their money to address its big budget deficits. Nearly 200 millionaires have signed a letter asking congressional Republicans to consider healing budget gaps with increased revenue -- in particular, higher taxes on millionaires -- instead of just reduced spending.

The group is coordinated by the Agenda Project, a New York think tank, and Wealth for the Common Good, a network of business leaders and wealthy people that promotes "fair and adequate taxation" to support the economy.

Other millionaires on a conference call Monday morning said they had more fun with their extra money than Egerman did.