Millionaires to Obama: Tax Us

Millionaires to Obama: Tax us

Anti-tax activists everywhere have been loudly arguing for an extension of George W. Bush-era tax cuts for the wealthiest Americans in the United States. Now a group of millionaires is arguing the opposite.

More than 40 of the nation's millionaires have joined Patriotic Millionaires for Fiscal Strength to ask President Obama to discontinue the tax breaks established for them during the Bush administration, as Salon reports.

"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," their 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."

The group includes many big-time Democratic donors such as Gail Furman, trial lawyer Guy Saperstein and Ben Cohen of Ben & Jerry's ice cream (pictured). The list remains open to millionaires who want to sign on.

Republicans in Congress argue that a failure to extend tax cuts for individuals making over $250,000 would be detrimental to the economy. "It's a massive tax increase," Minnesota GOP Rep. Michele Bachmann said this week on ABC's "Good Morning America." "And it's on the people who are the job creators."

http://news.yahoo.com/s/yblog_theticket ... ama-tax-us

I have yet to see confirmation that the people earning over $250,000 are the job creators. I think they are just the money hoarders.

Scruffy wrote:
"For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you cut entitlements and not renew unemplyment benefits," their website states. "We make this request as loyal citizens who now or in the past soaked our fellow Americans because we're just to dang lazy and it's easier to collect a government check than to show up at work every day."

The group of three signers are all Democratics. The list remains open but, so far, no more libs have signed on.

C'mon Scruff...get it right.

Thanks for altering my post to make it look like I said something I didn't.

Perhaps these millionaires know something?

Evidently those on the right are too stupid to know that the tax cut President Obama is advocating would benefit 100% of taxpayers. We all keep the tax benefits on our first $250,000 of income.

They still haven't figured out that the increase ONLY applies to that income OVER the $250,000 point... <sigh> ....

Scruffy wrote: Millionaires to Obama: Tax us

Anti-tax activists everywhere have been loudly arguing for an extension of George W. Bush-era tax cuts for the wealthiest Americans in the United States. Now a group of millionaires is arguing the opposite.

More than 40 of the nation's millionaires have joined Patriotic Millionaires for Fiscal Strength to ask President Obama to discontinue the tax breaks established for them during the Bush administration, as Salon reports.

"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," their 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."

The group includes many big-time Democratic donors such as Gail Furman, trial lawyer Guy Saperstein and Ben Cohen of Ben & Jerry's ice cream (pictured). The list remains open to millionaires who want to sign on.

Republicans in Congress argue that a failure to extend tax cuts for individuals making over $250,000 would be detrimental to the economy. "It's a massive tax increase," Minnesota GOP Rep. Michele Bachmann said this week on ABC's "Good Morning America." "And it's on the people who are the job creators."

http://news.yahoo.com/s/yblog_theticket ... ama-tax-us

I have yet to see confirmation that the people earning over $250,000 are the job creators. I think they are just the money hoarders.

As congressman Istook said today there is 2trillion in retained earnings being held by companies that could be used to hire people, but they are holding onto the cash because, basically, they are not getting a promise from the government that the tax cut from the Bush administration will not continue. As I said in another post employment is being held hostage in exchange for not paying your fair share of taxes. Since the workers of these companies and consumers in actuality pay the taxes it seems these companies want to keep their money and our money...and we just feed right into their rationalization that they are concerned of higher taxes. They have plenty but paying taxes would cut into their golden umbrellas! Just can't get enough.

I am a capitalist just like the next guy but gluttony for anything is deadly. As a business person I don't like paying unemployment tax and workman's comp payments and matching SS payments. And I know there are those who milk any system for all it's worth. It costs money to maintain your employees and keep them in jobs, but the biggest companies and the richest do keep getting richer and bigger at the expense of the majority of ordinary Americans and small businesses. You just can't argue that point.

EVERYONE or EVERY Business should pay their fair share of the tax. And I reserve the right to have MY opinion :crossed:

Thanks, SC. You're the best! :thumbsup:

Interesting quote from the washington independent article you listed:

The G.O.P.’s arguments for extending the Bush tax cuts to this crowd, usually wrapped in laughably hypocritical whining about “class warfare,” are easily batted down. The most constant refrain is that small-business owners who file in this bracket would be hit so hard they could no longer hire new employees. But the Tax Policy Center found in 2008, when checking out similar campaign claims by “Joe the Plumber,” that only 2 percent of all Americans reporting small-business income, regardless of tax bracket, would see tax increases if Obama fulfilled his pledge to let the Bush tax cuts lapse for the top earners. The economist Dean Baker calculated that the yearly tax increase at the lower end of that bracket, for those with earnings between $200,000 and $500,000, would amount to $700 — which “isn’t enough to hire anyone.”

Those in the higher reaches aren’t investing in creating new jobs even now, when the full Bush tax cuts remain in effect, so why would extending them change that equation? American companies seem intent on sitting on trillions in cash until the economy reboots. Meanwhile, the nonpartisan Congressional Budget Office ranks the extension of any Bush tax cuts, let alone those to the wealthiest Americans, as the least effective of 11 possible policy options for increasing employment.

Science Chic wrote: www.politifact.com/truth-o-meter/stateme...small-business-owne/
So-called wealthy are actually small business owners? The data is dubious

Some food/opinion for thought:
http://www.nytimes.com/2010/11/14/opini ... &src=twrhp
http://washingtonindependent.com/97315/ ... eases-hurt

I guess it's relative to the definition of "small" The statement itself, as it concerns me and my business, is completely ludicrous.

According to the GAO's own numbers, it is estimated that less than 3% of the people in that top 2% income-bracket qualify as "small business owners"... It's a joke.