Millionaires to Obama: Tax us (reverse peristalsis alert)

Yahoo ^ | 11-19-10 | Rachel Rose Hartman

[chickadee]

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."

[chickadee]

Of course, this is a misdirection, as usual. The tax increases under consideration affect people earning over $250,000 per year - i.e. many small business owners - not just those earning $1M. sigh

[Boardwalk]

Please! Any time they want to pay more taxes they are welcome to it...they don’t have to wait for the Bush tax cuts to expire.

[cripplecreek]

There’s nothing preventing them from giving their fortunes to government or doling it out to the poor.

[avacado]

"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..."

If I was interested in the physical health on this person below would I:

a) Feed him more?

b) Reduce his food intake?

[SECURE AMERICA]

Hey millionaires. You want to give more of your money to a disfunctional government? No one is topping you. Get out the check book and have at it. You can write as big a check as you want. But STFU about tax hikes. Got it?

[Oshkalaboomboom]

Chuckie Schumer proposed raising the $250k limit to $1 million so it is possible. There is also nothing at all stopping these millionaires from figuring out how much they would pay without the cuts and writing a check to the IRS for the difference. For that reason alone it sounds more like a PR stunt than anything serious.

[day10]

They can go here anytime they like to put their money where their mouth is:

United States Treasury's site for making donations to help reduce the public debt

and then they can leave me alone.

[Little Ray]

Nothing is stopping them from writing a bigger check to the IRS.
Go ahead, guys. Just send whatever you think is fair.

I wonder? Are overpayments to the Federals considered donations? And are they deductable?

[Jim Scott]

This Yahoo report skews the facts, big-time and pretends that the "Bush tax cuts'only extended to millionaires...a palpable lie. A bunch of millionaires closely aligned with the Democrat party begging to be taxed more? What nonsense. That anyone could be so stupid as to think that raising taxes on millionaires will somehow solve the economic problems the Obama administration and the Democrat-led congress have made for average wage-earners definitely has more money than brains.

[MrB]

This is typical of liberals.

Why do you want national health care?
“To help people who need it”
Have you personally ever helped anyone with their medical bills or insurance premiums?
“No, but that’s not the point”
So you favor forcing other people to do what you won’t do voluntarily?

[griswold3]

Just have the millionaires cut a check and send it to...

Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782

[Second Amendment First]

These aholes are free to decide whatever additional rate they would like to pay and send in the money. Nobody is preventing them from doing that. They just want to take other peoples money.

[mo]

Yaaah...I think we know where most modern day American millionaires cash comes from at this point...prolly thru Congress via the IRS guns at the heads of We the People.

[Diplomat]

I have a much better idea. Do NOT tax their INCOME, tax their WEALTH. Anyone with a net worth over 100 times their minimum level should face an immediate 1 time tax of 10% of their WEALTH.

I bet all they'd shut the hell up if and fight tooth and nail if this was done.

[Defiant]

citizens who now or in the past earned an income of $1,000,000 per year or more

Which do you want to bet it is?

The dirty secret is that the wealthy often don't earn income. They live off existing wealth, and borrow from unrealized gains on investments. They think they have covered all their bases, with their tax strategies, trusts and shelters. What they don't realize is that Obama and his crowd will be going after assets once they can no longer squeeze enough from income taxes. When that happens, I won't mind if these traitors to America lose their wealth; I will fight to the death to protect the rights of real Americans, though.

[LibLieSlayer]

TAX THE WEALTH OF THOSE WITH MORE THAN 10 MILLION IN ASSETS.
TAX BILLIONAIRES AT A 80% rate! Let’s see how they like it when it really hits them hard!

LLS

[IrishCatholic]

Just follow the breadcrumbs back to the collective:

http://www.fiscalstrength.com/

http://agendaproject.org/about.html

Commies suck.

[Hillarys Gate Cult]

It’s just lip service as they really believe that it wont happen or if it does they’re already tax sheltered from the effects of it. They important part is that they seem to the sheeple like they care. So what if the millionaires who don’t sign on want to use the money the government wants to take to buy things or expand their business thereby hiring more people.

[FromLori]

Are the Gates on the list? Gates Sr. was trying to get that passed in Washington State. Funny thing about that is their foundations (where they put most of their money) don’t pay taxes. I wonder if this is another bait and switch.

snippet..

“3) The Gates Foundation is a tax shelter. The Gates Foundation does great work of which you and your family can be justifiably proud. But there is one thing the Gates Foundation doesn’t do: pay taxes.

You and your son have both been outspoken proponents of federal estate taxation. However, the resources you and he contribute to the Gates Foundation avoid such taxation. Moreover, the foundation, as a tax-exempt entity, pays no federal income tax.”

http://www.economicpolicyjournal.com/2010/11/open-letter-on-taxes-to-bill-gates-sr.html

Millionaire tax on the ballot

http://money.cnn.com/2010/11/02/news/economy/state_taxes_washington/index.htm

[chickadee]

There’s nothing preventing them from giving their fortunes to government or doling it out to the poor.

Sure there is - the fact that most of their income is in tax-sheltered foundations. Like Bill Gates and Warren Buffett, they create foundations, shelter their stock holdings by placing them in the foundations, then donate to each other's foundations for the tax write off.