United States News
See other United States News Articles
Title: 'Patriotic Millionaires' Ask to Be Taxed More
Source:
National Journal
URL Source: http://www.nationaljournal.com/-pat ... -ask-to-be-taxed-more-20110413
Published: Apr 18, 2011
Author: Ben Terris
Post Date: 2011-04-18 18:35:47 by CZ82
Keywords: None
Views: 9926
Comments: 28
'Patriotic Millionaires' Ask to Be Taxed More By Ben Terris, Wednesday, April 13, 2011 | 10:03 a.m. If President Obama's deficit-reduction speech today includes a call to end the Bush-era tax cuts for the wealthiest Americans, there will surely be pushback; Republicans have already begun a preemptive attack on raising taxes. One group of millionaires, however, is saying that they are more than willing to pay more for the good of their country. The “Patriotic Millionaires” penned a letter to Obama, Senate Majority Leader Harry Reid, and House Speaker John Boehner, urging them to “increase taxes on incomes over $1,000,000.” The Millionaires—a group that includes producer and director Doug Liman, actress Edie Falco, the founder of Ask.com, and top Google engineers—wrote that the United States has helped them succeed financially, and they are willing to help the country do the same. “Our country has been good to us. It provided a foundation through which we could succeed,” the group wrote. “Now, we want to do our part to keep that foundation strong so that others can succeed as we have.” According to Alison Goldberg of the group Wealth for the Common Good, raising tax rates on millionaires could raise $60 billion to $80 billion a year in revenue. "This small monetary sacrifice is both an ethical and patriotic decision, made in the hopes of allowing the United States of America to continue to be a leader economically, politically, and morally," said Garrett Gruener, founder of Ask.com. But while these millionaires may be willing to pay more taxes, that doesn’t mean everyone in the country necessarily thinks it’s a good idea. “I am not in favor of raising taxes right now, period,” House Majority Leader Eric Cantor, R-Va., said Wednesday on MSNBC. “The question is raising revenues.... And how are you going raise revenues? Are you just going to raise taxes through a magic wand you’re going to produce more money? Or are you going to grow this economy?”
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
Begin Trace Mode for Comment # 27.
#4. To: All (#0)
It's just all a bunch of BS rhetoric, they don't believe it at all... They know raising taxes won't solve the problem, but that doesn't stop them from lying to the masses... They are just trying to shame others into doing something they themselves won't do... Rules for Libtards #14). Do as I say not as I do….
How will increasing revenues not solve the problem?
What they are proposing by raising taxes will only bring in about another 5% or so...... It won't even make a dent in the debt or deficit.... And if you do that people are going to sit on their money even longer, exacerbating the problem..... that's what I'm doing sitting on mine..... There are some people on this site who are in business for themselves, they can tell you it's not worth investing your money right now in expansion of their business... they will end up losing money for no good reason...... Why do you think some businesses have went to using workers from temporary hiring companies??? So they don't have to pay for health care and certain other benefits... because the government is just making it too damn expensive to do this for their employees and not worthwhile to be in business..... So who does this screw????? the workers of course...... duhhhh... and if you really want to "PHUCK" yourself..... unionize...... the boss will close the door tomorrow and move somewhere else... Goodbye job, hello Welfare!!!! Just what the Democrats want, you on their tit.... If you want more revenues then you need to create more jobs...... it's just as simple as that..... and if you have created more jobs then you don't have to shell out as much in Welfare, food stamps, free cell phones, free housing... etc..etc..etc so the 2 combined will help solve the problem..... I posted a thread on here about a week ago that says even if you tax the rich at 100% it will only bring in about $6-800 billion...... that's only about 1/2 of "THIS YEARS DEFICIT"..... you are going to "HAVE TO CUT SPENDING SOMETIME" or it's all over but for the fat lady singing......
If you are referring to the "study" that was done by Cato - or some other think tank - that study was based upon the economic conditions that prevalied at the hight of the recession when income growth across the spectrum was stagnet. An di thought tat number was 3%. But, to be honest, I believe that the Bush43 tax cuts should have just expired and the nation reverted back to the levels of the 1990's. the 2001 cuts were wholly unnecessary. The 2003 cuts economically and fiscally extrinsic and, thus, worse. There is not one bit of evidence that those tax cuts did anything but explode the deficits and the debt. Laffer's theory, is actually fairly rudimentary in its construct. At some point, there is a correct rate of taxation that maximizes revenues. On either side of that point, are tax rates that are too high or too low. Raising revenues HAS to be part of the solution.
The first chart is unemployment for the 2000 decade mostly under Bush, the rise early on is from the DOT COM fiasco and the second is from Fannie/Freddie fiasco. Now this one is debt/deficit comparing Bush to Obama If we wouldn't have had the spending for the 2 wars than I would say the Bush side would have been pretty flat or maybe even a little excess, who's to say... But I do know one thing for sure we spend way too much and Welfare, food stamps, free housing and other things..... some of these people just don't need it.... Not when you see them in Vegas gambling, using those government issued credit cards.... here's "A" link...
What FN/FM "fiasco"? And the "dot.com" bust resulted in less 1MM workers being displaced. Most of the dot.coms that went bust were start ups with a handful of emplyees. There was a bigger layoff of Tech and IP workers because of the end of the Y2K changeover. Budgets/deficits/debts and, most importantly, economies, are the product of momentum. The economy got screwed up in the 2004-06 period the cumulative affects being recession in 2007 and depression in 2008, that you'd be looking at the same chart that you've mis-identifed as including debt under McCain. Lets' face it, we'd be nowhere near this fiscal mess had the GOP Congress not back door financed two wars and a prescription drug program while twice cutting taxes and whilenot excercising any sense of fiscal resposibility.
McCain?????
Do you really beleive that our fiscal picture would be different - to the good side - under President McCain?
Tough question.... Well I guess it depends on where he would have stood during the uprising in Iran (and Egypt too).... Would he have seen that as an opportunity to get rid of the Mullahs and Ahmadinejad.... probably.... We can always use another ally in the Middle East and that may have been our chance.. That may have been our best chance of calming down that region for good!!!! and now it's gone... Now, I would imagine the citizens of Iran are back to hating the USA again just because Obozo watched and did nothing.... That being said, how far would have McCain went to help the people of Iran other than just "lipservicing" them??? Who knows???? Would he have sent weapons, I doubt it.... Would he have sent aircraft, quite possibly..... Ground troops, I kinda doubt that because of already being in Iraq and Afghanistan...... but if it went to a full blown civil war, maybe..... Now as far as social services go I think he would have been about the same as Bush, but I don't think he would have started any new entitlement programs.. And he sure as hell wouldn't have bailed out all of the unions..... So I think his numbers would have been much better than Obamas, and with both wars winding down he may have been better than Bush.... We would still be having financial problems but they wouldn't be so critical...... But this is all just speculation, so who the hell knows.....
We'd be in the same place. We're a victim of economics and 6 years of absolutely horrendous fiscal management. Couple that to the fact that 5 years later no one STILL wants to pay for it.
#28. To: war (#27)
Well they are going to have to figure out how to do it, and then do what it takes to accomplish it, if not then we're doomed...
Top • Page Up • Full Thread • Page Down • Bottom/LatestOne group of millionaires, however, is saying that they are more than willing to pay more for the good of their country.
#9. To: CZ82 (#4)
They know raising taxes won't solve the problem
#10. To: war (#9)
How will increasing revenues not solve the problem?
#11. To: CZ82 (#10)
What they are proposing by raising taxes will only bring in about another 5% or so......
#12. To: war (#11)
But, to be honest, I believe that the Bush43 tax cuts should have just expired and the nation reverted back to the levels of the 1990's. the 2001 cuts were wholly unnecessary. The 2003 cuts economically and fiscally extrinsic and, thus, worse. There is not one bit of evidence that those tax cuts did anything but explode the deficits and the debt.
#14. To: CZ82 (#12)
The first chart is unemployment for the 2000 decade mostly under Bush, the rise early on is from the DOT COM fiasco and the second is from Fannie/Freddie fiasco.
#17. To: war (#14)
that you'd be looking at the same chart that you've mis-identifed as including debt under McCain.
#22. To: CZ82 (#17)
#26. To: war (#22)
Do you really beleive that our fiscal picture would be different - to the good side - under President McCain?
#27. To: CZ82 (#26)
Replies to Comment # 27. We'd be in the same place. We're a victim of economics and 6 years of absolutely horrendous fiscal management. Couple that to the fact that 5 years later no one STILL wants to pay for it.
End Trace Mode for Comment # 27.
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]