"Patriotic millionaires" call for their tax cuts to expire

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    Nov 19, 2010 9:09 PM GMT
    Now, these are true patriots who understand that America has made them very wealthy and want to give back:

    From Salon.com:

    "Patriotic millionaires" call for their tax cuts to expire

    Dozens of America's wealthiest taxpayers -- including hedge fund legend Michael Steinhardt, super trial lawyer Guy Saperstein, and Ben Cohen of Ben & Jerry's fame -- have appealed to President Obama not to renew the Bush tax cuts for anyone earning more than $1 million a year. Calling themselves "Patriotic Millionaires for Fiscal Strength," the 40-plus signers today launched a website and a campaign that they hope will draw support from others who agree that fiscal responsibility should begin with those who can best afford it -- as their letter to Obama explains:

    We are writing to urge you to stand firm against those who would put politics ahead of their country.

    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.

    We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more.

    We have done very well over the last several years. Now, during our nation's moment of need, we are eager to do our fair share. We don't need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers. The country needs to meet its financial obligations in a just and responsible way.

    Letting tax cuts for incomes over $1,000,000 expire, is an important step in that direction.


    The Patriotic Millionaires campaign, pulled together quickly by the Agenda Project in New York City, just happens to appear on the same day as a new study from the Center for Responsive Politics revealing that half of the members of the House and the Senate are millionaires. That contrasts sharply with the general population, of whom fewer than 1 percent can claim millionaire status.

    Not surprisingly, some of the super-rich declined to join the Patriotic Millionaires when the Agenda Project reached out to them. At least two airily dismissed the Bush tax cuts for millionaires and above -- which will cost well over $700 billion over the coming decade -- as "small potatoes." And a Manhattan hedge fund billionaire said he believes the cuts should be extended and added that "the moneys should be used to pay down debt" -- which sounds like the magical Republican plan to simultaneously cut taxes, wage war and drastically reduce the deficit. The same investor also complained that "anyone who has money is made to feel that they're bad."

    Bad? Only if they'd rather force Grandma to eat cat food than pay their fair share.

    http://www.fiscalstrength.com/
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    Nov 19, 2010 10:10 PM GMT
    So why don't they just take all that extra money they'd be saving from the tax cuts and infuse it into the economy, or maybe donate more considering they feel they have enough? It would certainly be more efficient that way considering that they already realize their responsibility to society and obviously don't need someone else telling them that hoarding money isn't a nice thing to do!
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    Nov 19, 2010 10:23 PM GMT
    southbeach1500 said
    Christian73 saidBush tax cuts for millionaires and above -- which will cost well over $700 billion over the coming decade


    And here we go again with the deception:

    It will cost $700 billion.... No, it won't cost anything. That's just $700 billion less that the Federal government will have to squander.

    And if the Federal government "can't afford it" then how can it afford to keep all the other tax rates where they are, as that will cost the Federal government $3,300 billion?


    I thought you owned a business. If so, you know that we all (yes, nonprofits do as well) project income based on the assumptions of past income and assumptions of future performance. The cuts, which were unsustainable and contributed to the deficit enormously, were set to expire. Ergo, the government budgeted for them to expire and, if they don't, it will impact the government, which needs to pay off the debt also run up by the Bush administration, negatively. The patriotic thing to do is to help the country pay off its debt, especially for those who can afford to do so easily.
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    Nov 19, 2010 10:32 PM GMT
    mocktwinkie saidSo why don't they just take all that extra money they'd be saving from the tax cuts and infuse it into the economy, or maybe donate more considering they feel they have enough? It would certainly be more efficient that way considering that they already realize their responsibility to society and obviously don't need someone else telling them that hoarding money isn't a nice thing to do!


    Why can't they do both? How do you know they're not doing both? Ben Cohen is a major philanthropist focused on our society's most vulnerable members. But, Ben and Jerry's will probably not hire - like most businesses - until the economy improves and demand picks up. The most efficient way to stimulate the economy is to extend unemployment benefits and cut taxes for the middle class, both of which pour money directly into the economy.
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    Nov 19, 2010 10:37 PM GMT
    I think Southbeach missed that class in 5th grade where they introduced negative numbers on the number line.... icon_eek.gif
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    Nov 19, 2010 10:44 PM GMT
    southbeach1500 said
    Christian73 saidI thought you owned a business. If so, you know that we all (yes, nonprofits do as well) project income based on the assumptions of past income and assumptions of future performance. The cuts, which were unsustainable and contributed to the deficit enormously, were set to expire. Ergo, the government budgeted for them to expire and, if they don't, it will impact the government, which needs to pay off the debt also run up by the Bush administration, negatively. The patriotic thing to do is to help the country pay off its debt, especially for those who can afford to do so easily.


    The cuts are only unsustainable if you plan to keep growing the size of the Federal budget.

    The cuts did not contribute to the deficit at all. Spending money that they didn't have is what caused the deficit.



    Right. Cutting taxes while increasing spending, like Bush did, created the deficit. In the past, when America went to war, taxes were raised to pay for it. Now, I know you agree with me that all the troops should come home. Unfortunately, many of those people who you support because of their views on taxes are the same who want to go to war, or maintain our huge military presence worldwide.