A group of millionaires visited the halls of Congress in an effort to convince lawmakers to raise tax rates on incomes of $1 million a year or more.
The group, known as the “Patriotic Millionaires,” made the visit as the November 23 deadline approaches for a congressional “supercommittee” to come up with a deficit reduction plan of at least $1.2 trillion over 10 years.
The money can come from increased revenues, decreased expenses, or some combination of the two. The Patriotic Millionaires group, however, believes that any deal the supercommittee agrees to must include a tax rate for incomes over $1 million of at least 39.6 percent, the same level the rate was prior to the Bush tax cuts.
During the group’s meetings with lawmakers Wednesday, it heard about one deal under consideration, proposed by Sen. Pat Toomey, R-Pa., that would lower the top tax rate from 35 to 28 percent in exchange for eliminating or limiting many popular deductions. The group is urging constituents to contact their congressional representatives to oppose the deal.
8 Comments
1. Why would anyone make voluntary pay-down if there is not a balanced budget in place. 2. Gifts to governmental agencies are tax deductions, why not take advantage of this instead of higher taxes. 3. The combination of the two above could certainly be used to retire the national debt.
Posted by: Taxdog | November 18, 2011 6:01 PM
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If millionaires are comfortable paying their fair share of tax, why not the Republicans? Oh, they are too selfish and are less "patriotic" than the hard working millionaires. Why is Congress planning the budget cuts when they are the problem who needs to be cut?
Posted by: mitywarrior | November 18, 2011 12:06 PM
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jeneane the point the Group is making the rules need to be the same for all those making over $ 1Million, to impact the deficit and make a stable county for our kids (my daughter to make it personal). Raise Taxes and Cut Spending (yes both ) is the only way to get the deficit under control and a long term goal (say 100 year)to be a Creditor nation instead of a Debtor Nation.
Nicholas
Posted by: neparms | November 18, 2011 10:53 AM
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I've been saying this all along, and glad to know there are others who think the same. These so called patriotic millionaires are smart enough to become millionaires, yet somehow they do not know that they can just send money to the IRS? Or tell their accountants to stop itemizing? Stop squeezing every deduction to lower their taxes? I feel certain they pay a fortune to minimize their tax bills, then they have the nerve to claim that they want to pay more? Let them! They cannot be this stupid, so I have to assume it is not stupidity... it is immorality.
Posted by: jeneane1956 | November 18, 2011 10:33 AM
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Merely sending a check to the Treasury Department? Spend it how, they will? Let the tea party decide???
Posted by: Geo M | November 18, 2011 10:31 AM
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You cannot legislate patriotism. If someone beleives they, or anyone like them, should pay higher taxes, then they need to lead by example and demonstrate how great it is, or just be self-fulfilled knowing you have done the right thing.
Under the current tax structure, simply claim the standard deduciton instead of itemizing your deductions, that will acheive the intended goal of an effective marginal rate they seek compared to using common deducutions, exclusions, credits, etc.
This will inspire others to do the same, assuming they have a similar patriotic sentiment.
The people become inspired by the patriotic acts of others, not by Legislative Act.
I have four questions: How long have the Patriotic Millionaires begin giving at a higher rate, what do they estimate their Lifetime to date contributions are, how much do they intend to pay over the next five years under this system, and what is the estimated total increase in revenue to the Federal government over the next five years if this law is enacted?
Posted by: sschillercpa | November 18, 2011 9:58 AM
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Forgive me for me doubting them, but they must have ulterior motives other than being patriotic. As "bensmc" writes, why don't they just send their extra money to the IRS? I am sure they will get a very well deserve compliments from the IRS. Is there a quid pro qou for supporting the President's agenda?
Posted by: Linor34b | November 18, 2011 9:32 AM
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So what is keeping them from just sending checks to the IRS ? I do not trust this effort at all. Business does not give away it's profits unless it gets something in return. If they have so much money to burn I would be happy to get some of their excess cash.
Posted by: benusmc | November 18, 2011 8:42 AM
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