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Thread: 'Patriotic Millionaires' Beg Supercommittee for Higher Taxes

  1. #1
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    'Patriotic Millionaires' Beg Supercommittee for Higher Taxes

    Two dozen wealthy members of the group Patriotic Millionaires for Fiscal Strength are targeting members of the deficit "supercommittee" to increase their taxes.

    Entrepreneur and producer Charlie Fink, said he and other Patriotic Millionaires testified in a congressional hearing and visited the offices of 13 members of Congress on Wednesday, seven of whom are members of the supercommittee, to express their concern for the country's fiscal health.

    Fink, who lives in Washington, D.C., said if the Bush tax cuts do not expire, the country "is digging itself a big hole by foregoing revenue."

    "Without revenue, we will never solve the problem by giving tax cuts to the wealthy while supporting two foreign wars," Fink, a former AOL executive, said.

    The group visited the offices of legislators in both parties, including Senators John Kyl, R-AZ, and Pat Toomey, R-Pa., and Reps. Nancy Pelosi, D-Calif., minority leader, Xavier Becerra, D-Calif., and Jim Clyburn, D-S.C., assistant democratic leader.

    "It was a very refreshing conversation that restored my faith that there are people who, in spite of their financial successes, have not lost their compassion and sense of fair play," Rep. Clyburn told ABC News after meeting the group.

    The supercommittee has stalled on how to trim over $1 trillion from the budget.

    Democratic members of the group met on Wednesday for more than two hours.

    Patriotic Millionaire Robert Johnson, former chief economist of the U.S Senate banking committee, said that the current economic system is not broken, but it is "working on behalf of those who designed it in their favor."

    "America is no longer based on markets and capitalism, instead our economy is designed as 'socialism for the rich' it is designed to ensure that the wealthiest people take all of the gains, while regular Americans cover any losses," he said at a press conference this afternoon in Washington, D.C.

    "It's a Las Vegas economy where regular Americans put their money on the table and the richest 1 percent own the house," he said. "And if the 1 percent happen to lose money, the 99 percent bails them out covers their losses and then stands by watching while the house does it all over again."

    Last November, the Patriotic Millionaires launched with 45 signatories who sent a letter to President Obama asking him to allow the Bush-era tax cuts to expire at the end of last year. The petition was signed by the Grammy Award-nominated DJ, MOBY, as well as Jerry Cohen of Ben-and-Jerry's-Ice-Cream fame.

    The Patriotic Millionaires for Fiscal Strength wrote a 155-word letter saying they hope their taxes will increase. Its text is posted at FiscalStrength.com.

    The message of the group has remained the same.

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

    Other Patriotic Millionaires who participated on Wednesday were Lawrence Benenson, executive vice president of Benenson Capital Co., David desJardins, former Google software engineer, Guy Saperstein, civil rights attorney, and Eric Schoenberg, former managing director of Broadview International.

    [url]http://news.yahoo.com/patriotic-millionaires-beg-supercommittee-higher-taxes-185620525.html[/url]

  2. #2
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    [B]Fink, who lives in Washington, D.C., said if the Bush tax cuts do not expire, the country "is digging itself a big hole by foregoing revenue." [/B]

    Could not agree more.

  3. #3
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    There is nothing stopping those two-dozen wealthy members from sending as much of their money as they want to the IRS. So why don't they?

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    ...the problem is run-away spending...the goverment increases the price of everything...

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    [QUOTE=TerminatorJet;4246602][B]Fink, who lives in Washington, D.C., said if the Bush tax cuts do not expire, the country "is digging itself a big hole by foregoing revenue." [/B]

    Could not agree more.[/QUOTE]

    After this endorsement, IGF the only out for you is a rope, chair and ceiling fan or a garage sealed with a running auto.

    You could tax the mega wealthy at 100% and the money confiscated would be blown through in 28 days of federal spending. STOP the spending! Dismantle the welfare state.

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    [QUOTE=acepepe;4246803]After this endorsement, IGF the only out for you is a rope, chair and ceiling fan or a garage sealed with a running auto.[/QUOTE]

    2 things.

    Ceiling fan? That's not gonna work very well :nono:


    And a running "auto"? Are you European? And what lorries do you recommend for hauling building materials for renovations to my flat? :P

  7. #7
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    The answer has always been both: decrease government spending, increase government revenues. You want to pay down a debt, you can't do it halfway.

  8. #8
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    [QUOTE=shakin318;4246679]There is nothing stopping those two-dozen wealthy members from sending as much of their money as they want to the IRS. So why don't they?[/QUOTE]

    Like almost all left-leaning policy, it's not good enough to support personal choice, personal responsabillity and decisions like "I support the State, so I'll send more myself".

    Like almost all left-leaning policy, they want to enforce their beliefs on all people, via force of law and threat of violence, imprisonment or confiscation.

    It's not dissilimar to the poster child on this issue on the elft, who stands to make more money if the State has more to spend. hence stories about him "paying less than his secretary", another lie, as he paid millions and the secretary paid much less, but as a %, etc, etc, etc.

  9. #9
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    [QUOTE=acepepe;4246803]After this endorsement, IGF the only out for you is a rope, chair and ceiling fan or a garage sealed with a running auto.

    You could tax the mega wealthy at 100% and the money confiscated would be blown through in 28 days of federal spending. STOP the spending! Dismantle the welfare state.[/QUOTE]

    The welfare state unfortunately includes thousands of do-little employees who do 4 hours of work in 8 hours and stretch it to 8 hours and agency after agency of bloated spending. A 20 percent cut over 3 years across the board in almost ALL categories would barely be felt by the public.

  10. #10
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    [QUOTE=acepepe;4246803]After this endorsement, IGF the only out for you is a rope, chair and ceiling fan or a garage sealed with a running auto.

    You could tax the mega wealthy at 100% and the money confiscated would be blown through in 28 days of federal spending. STOP the spending! Dismantle the welfare state.[/QUOTE]

    You learned how to use cut and paste. I'm so proud of you!

    $300 billion per year in lost revenue thanks to the Bust tax cuts that have done nothing for the economy in almost a decade would be spent in 28 days. Sure that's true.

    I'm all for cutting spending but the Bust Tax Cuts for the rich need to disappear. One of the last remnants of one of the worst presidents this country has ever had and that is an understatement.

  11. #11
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    [QUOTE=TerminatorJet;4247095]I'm all for cutting spending...[/QUOTE]

    What spending, specificly?

  12. #12
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    Thith ith worng!:steamin:

    And I reJeCt it! BY BOFE PARTIES!!!!

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    [QUOTE=TerminatorJet;4247095]You learned how to use cut and paste. I'm so proud of you!

    $300 billion per year in lost revenue thanks to the Bust tax cuts that have done nothing for the economy in almost a decade would be spent in 28 days. Sure that's true.

    I'm all for cutting spending but the Bust Tax Cuts for the rich need to disappear. One of the last remnants of one of the worst presidents this country has ever had and that is an understatement.[/QUOTE]

    But the Hawaiian wants "[B]SHARED SACRIFICE[/B]".
    Why not let the Bush tax cuts expire for EVERYONE? That would be most fair, right?
    That way, you too can feel good as well. Making a contribution to the health of our finiancial situation. You wouldn't want to feel left out of YOUR opportunity to help.

  14. #14
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    [QUOTE=TerminatorJet;4247095]You learned how to use cut and paste. I'm so proud of you!

    $300 billion per year in lost revenue thanks to the Bust tax cuts that have done nothing for the economy in almost a decade would be spent in 28 days. Sure that's true.

    I'm all for cutting spending but the Bust Tax Cuts for the rich need to disappear. One of the last remnants of one of the worst presidents this country has ever had and that is an understatement.[/QUOTE]

    I'm confused at this statement. Obama said he had to keep the Bush tax cuts in place because allowing them to expire would hurt the economy when it was fragile. Now you are saying that the Bush tax cuts didn't help the economy even though 200 billion of it went to families earning under $100,000.

    Please clarify your position. Is it the 300billion tax cut that is hurting the economy or just the 100billion that went to families making over 100K. Also why would Obama say that allowing the cut to expire would be bad for the economy when you are saying that the cuts didn't help. Its very confusing.

    Finally, I'm curious as to how a Buffet rule that generates $4Billion a year or about 4 hours worth of deficit spending would solve anything. Isn't the whole concept juts election year fodder designed to rile up the huddled masses and create the perception that some people aren't "paying their fair share". This strategy is right out of the Communist manifesto. It succeeds in a lot of countries where class mobility is low. But to present it as a solution to anything is dishonest at best.

    My last question for you. How much does a rich person's estate get taxed when they die?

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    [QUOTE=chiefst2000;4480859] Please clarify your position [/QUOTE]

    You'll have to ask detjetsfan

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    [QUOTE=palmetto defender;4480826]But the Hawaiian wants "[B]SHARED SACRIFICE[/B]".
    Why not let the Bush tax cuts expire for EVERYONE? That would be most fair, right?
    That way, you too can feel good as well. Making a contribution to the health of our finiancial situation. You wouldn't want to feel left out of YOUR opportunity to help.[/QUOTE]

    End the"earned" income tax credit. That would be a start to "fairness"

  17. #17
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    If we let the Bush tax cuts along with the temporary payroll cuts and extended unemployment benefits expire along with putting in the mandatory cuts in spending we will be in a hard recession.

    Hard to believe libs who support Keynesian policy could get behind that. I'm guessing when people say they want the Bush tax cuts to expire they are only talking about the ones that don't impact them.

    I expect the Dems and Republicans along with Obama to at least temporarily extend all the cuts and benifits beyond the end of the year. Incumbents can't afford to pull the gravy train to soon with the world slow down that's currently on us.

  18. #18
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    [QUOTE=chiefst2000;4480859]I'm confused at this statement. Obama said he had to keep the Bush tax cuts in place because allowing them to expire would hurt the economy when it was fragile. Now you are saying that the Bush tax cuts didn't help the economy even though 200 billion of it went to families earning under $100,000.

    Please clarify your position. Is it the 300billion tax cut that is hurting the economy or just the 100billion that went to families making over 100K. Also why would Obama say that allowing the cut to expire would be bad for the economy when you are saying that the cuts didn't help. Its very confusing.

    Finally, I'm curious as to how a Buffet rule that generates $4Billion a year or about 4 hours worth of deficit spending would solve anything. Isn't the whole concept juts election year fodder designed to rile up the huddled masses and create the perception that some people aren't "paying their fair share". This strategy is right out of the Communist manifesto. It succeeds in a lot of countries where class mobility is low. But to present it as a solution to anything is dishonest at best.

    My last question for you. How much does a rich person's estate get taxed when they die?[/QUOTE]

    You realize you are talking to an internet DEAD guy??? He was banned.


    Terminator Jet, aka Vincenzo Testacerde, BOTH banned. Whoever the *uck he is posting as now may respond.

  19. #19
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    [QUOTE=shakin318;4246679]There is nothing stopping those two-dozen wealthy members from sending as much of their money as they want to the IRS. So why don't they?[/QUOTE]
    It just like Warren Buffet owes a couple Billions dollars in back taxes he been fighting with the Irs since 2002. Yet Warren Buffet claims he not paying his fair share. Than Warren why don't you pay those billions already and drop your fight with Irs. .

    This country 17 trillion dollars in debt, you can take all the money from everyone making over 200,000 (only make up three percent of the population) and you don't do anything to fix that problem. People need to stop being drones and actually do some research. The only thing the Democrat party can play is the class warfare, Racist card and now woman issue. Anything to distract the mindless Drones that all their policies have been utter failures.

  20. #20
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    [QUOTE=acepepe;4480940]End the"earned" income tax credit. That would be a start to "fairness"[/QUOTE]

    End ALL refundable tax credits. Using the tax system to create fairness is a bad idea and doesn't work very well.


    The waitress who made $40K, shows 20K on a W2 and gets a 4K refund becasue of the EIC is unfair? Really? Why work. Young kid who works for me, makes 5oK pays tax on all of it. His GF is the above. He pays 6K in federal tax, his GF pays none. Thank you EIC.

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