A new campaign/website has come together in an attempt to end the tax cuts for people making more than $1,000,000 per year. It is signed by patriotic millionaires that favor having their tax cuts expire (as was intended) in the name of fiscal responsibility. I think it has been signed by about 87 millionaires so far. Here is their message:
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.
Here are some facts they would like you to know:
- Only 375,000 Americans have incomes of over $1,000,000
- Between 1979 and 2007, incomes for the wealthiest 1% of Americans rose by 281%
- During the Great Depression, millionaires had a top marginal tax rate of 68%
- In 1963, millionaires had a top marginal tax rate of 91%
- In 1976, millionaires had a top marginal tax rate of 70%
- Today, millionaires have a top marginal tax rate of 35%
- Reducing the income tax on top earners is one of the most inefficient ways to grow the economy according to the non-partisan Congressional Budget Office
- 44% of Congress people are millionaires
- The tax cuts were never meant to be permanent
- Letting tax cuts for the top 2% expire as scheduled would pay down the debt by $700 billion over the next 10 years
So why exactly is Obama compromising and why exactly are Republicans so stubborn on this issue? The tax cuts were designed as a way to spread the surplus out over a few years; they were not designed to be permanent. If they were going to be such a great means of creating jobs, why is there such a struggle to find jobs? If reducing the deficit and debt is so important, why would we not let these expire? How is a compromise increasing spending while reducing revenues fiscally responsible?
So many questions, and we won’t ever get answers.
They also have a quote from Nebraska hero Warren Buffet: “There’s class warfare, all right. But it’s my class – the rich class – that’s making war, and we’re winning. I’m a conscientious objector.”
Enjoy Minnesota’s home game in Detroit.
Adam Feser
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Good numbers, Adam! If there is any stimulative intent to this tax-rate deal, it won’t come from extending these tax cuts.
What is the motivation to raise these taxes?
Less that 1/4th of 1/10th of 1%. Hardly a representative sample. Perhaps we should allow millionaires to vote on their own tax rate? I wonder how many of these 87 people earn their million dollars each year from their own businesses that they have built or simply receive some stipend annually from their family. Perhaps when I see them calculate the dollars they are prepared to spend in taxes and send it in this year for the past ten years of guilt they feel, I might listen a bit. Otherwise, this is the emptiest of gestures.
It may be an empty gesture, though they are saying they’d be willing to pay a higher percentage. And the motivation is in the name of fiscal responsibility. I just thought the numbers were interesting and worth considering.
Wasn’t it pointed out that the cost of extending the tax cuts to millionaires was $700 billion over 10 years. And that’s not a motivation to eliminate the cuts? I thought the GOP was so motivated to cut the deficit? I guess cutting taxes for the rich is more important.
Skye, so what should they spend the 700 billion on in your opinion?
My point was that Republicans were so keen on cutting the deficit but yet they insist on giving billionaires tax cuts. They don’t seem to have a problem in cutting extensions for unemployment or raising taxes on the poor or cutting education programs, but try discussing taking away a tax break for the rich and they will have an apoplexy. And give me a break on the class warfare argument. We’re talking about the top 1-2% of the population and they have been waging class warfare on the middle class for how many years? Do they really need one more break–must they have it all?
Skye, Now that you have channeled Keith Oberland let’s try again . . so what should they spend the 700 billion on in your opinion?
Filling in a portion of the hole we dug ourselves? Isn’t that what Republicans claim to want to do?
I’ve never listened to Keith Oberland in my life. Just showing a little common sense is all. And let’s not be so obtuse, I think as Adam stated, it’s pretty obvious. I don’t know how to be any clearer.
I didn’t ask what the Rep’s want to do. I asked what Skye wants to do. What do you consider to be “common sense” with respect to the 700 billion, Skye? . . .or are you going to wait for Adam to answer first and then copy his paper again?
Ok, I guess you are too obtuse to get it. I think I was pretty obviously clear in my statement the very first time. Go back and read my comments. Or do you want me to copy and paste my previous comments again?
Here we go:
Wasn’t it pointed out that the cost of extending the tax cuts to millionaires was $700 billion over 10 years. And that’s not a motivation to eliminate the cuts? I thought the GOP was so motivated to CUT THE DEFICIT? I guess cutting taxes for the rich is more important.
So your claim is that you would use 100% of the 700 billion to reduce(not increae) the debt? You would not spend a single dime on new programs. Do I, in my obtusely blunt understanding of your opinion, have it right?
Once again, what I said was that I thought that was what you Republicans wanted: less spending, right? That is what you wanted, right? Oh, I forgot you want less spending on education, roads, projects, etc. so you can give more tax breaks to the poor rich people who never get any breaks(so all that money can trickle down to us poor people) and spend more money on the military because we only spend about 20 times more than any other nation on earth. So, you’re saying it really isn’t about cutting the deficit? I must not have been listening these past two years.
Skye, are you truly so hopeless. Its a simple question. Rather than speculate on what i might choose to do, answer the question. Had the 700 billion not been allocated to the tax rate extension, payroll tax reduction and unemployment, what would you. . . .emphasis on “YOU” have done differently? FOr the record, I would have struck a different deal than the result we have. You have no idea what i maight have done. Share yours and I will share mine. Fair enough?
It looks like I posted to the wrong place earlier; so I’ll try again here.
Actually, I would have wanted all the tax cuts to expire; the Bush tax cuts were the worst piece of legislation ever. He inherited a surplus and he pissed it all away. It was one of the main causes of the recession. If tax cuts were a bad idea when deficits were small, why would they be a good idea now?
Did reduced taxes cause reduced spending? No. They led to ever-increasing borrowing and a ballooning deficit.
Clinton raised taxes and what happened? Bush cut taxes and what happened.
I tried viewing your site on my cellphone and the structure does not seem to be correct. Might want to check it out on WAP as well as it seems most mobile phone layouts are not really working with your site.
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