It was just a matter of time before the rich in this country made their voices known, either in favor of the Bush tax for the wealthy, or in favor of ending them altogether. Well now, and not a moment too late, a group of these wealthy folks have come forward and doing just that. But contrary to what the Republicans might think, these millionaires are asking President Obama to tax them more.
The group, made up of more than 40 of America’s most prosperous entrepreneurs – including hedge fund legend Michael Steinhardt, super trial lawyer Guy Saperstein, and Ben Cohen of Ben & Jerry’s – have formed a website in the hopes that others would join their efforts to restore financial responsibilities for all Americans, and not just the middle class.
In a letter to the President, the group states;
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.
On the group’s website, some other very important information about previous tax rates are mentioned. These tax rates applied to those making over 1 million dollars a year and are as follows:
- During the Great Depression, millionaires had a top marginal rate of 68%
- In 1963, millionaires had a top marginal tax rate of 91%
- In 1976, millionaires had a top marginal tax rate of 70%
- Today, millionaires have a top marginal tax rate of 35%
More from the website:
Reducing the income tax on top earners is one of the most inefficient ways to grow the economy according to the non-partisan Congressional Budget Office
44% of Congress people are millionaires
The tax cuts were never meant to be permanent
Letting tax cuts for the top 2% expire as schedule would pay down the debt by $700 billion over the next 10 years
Republicans have constantly stated that the rich needs these tax cuts. Well the rich are now speaking out, and they’re saying No to the Republican argument, that the way to get the economy back is to give these wealthy more money. The rich are putting America’s economy first. If only the Republicans could do the same…
- Patriotic Millionaires for Fiscal Strength (dvorak.org)
- ‘Patriotic Millionaires’: Raise Our Taxes (newser.com)
- Conrad Wants All Tax Cuts Extended While Congress Works On Broader Reform (huffingtonpost.com)