A group of 45 millionaires has signed a letter to President Obama urging him to allow the Bush tax cuts to expire for those earning over $1 million a year.
The group, calling itself Patriotic Millionaires for Fiscal Strength, wrote, “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 Sunday, multibillionaire Warren Buffett also said he supported letting the Bush tax cuts expire for “people at the high end” (see Buffett Favors Expiration of Bush Tax Cuts for Rich). Congress plans a vote on the Bush tax cuts extension after the Thanksgiving break, following a meeting at the White House on November 30 between Obama and congressional leaders.
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