Millionaires ask Congress to raise their taxes

[cal04]

Source: CNN Money

- A group of two dozen millionaires stormed Capitol Hill on Wednesday, demanding lawmakers raise their taxes.

"We want to pay more taxes," said California millionaire Doug Edwards, a former marketing director for Google (GOOG, Fortune 500). "If you're fortunate, and you make more than a million dollars a year, you ought to pay more taxes."

The millionaires want Congress to allow the tax cuts passed during the George W. Bush administration to expire. Some want higher taxes generally.

They planned to push lawmakers to reject any deal that the so-called super committee delivers that doesn't raise taxes on millionaires. The 12-lawmaker panel has until next Wednesday to agree on $1.2 trillion in savings over the next 10 years or risk automatic spending cuts.

Read more: http://money.cnn.com/2011/11/16/news/economy/tax_millionaires/index.htm

[barbtries]

1. some good guys it sounds like.

i knew some millionaires had to be good guys. after all, when i'm a millionaire i'll still be a good guy. }(

[Fool Count]

27. Good? More likely they are just smart enough to understand

that failure to raise their taxes is likely to result in them losing it all eventually.

[barbtries]

45. i prefer to believe that they're good guys

and smart guys as well. peace.

[newspeak]

47. some of those millionaires attempted to stop little boot's obscene tax cuts

most were from hollywood. Susan sarandon was interviewed about little boot's tax cuts at the time. There are those who believe that the more you have, the more responsibility comes with that wealth.

[Journeyman]

2. One of my clients is one of the wealthiest people in California. . .

This person opposed the BushCo tax cuts when implemented and has consistently asked that they be allowed to lapse in the years since. A staunch supporter of the Democratic Party, they'd prefer to see an increase in all taxes for the wealthy. Doesn't make them very popular with their peers but certainly shows their commitment to the country from which they've received so many advantages.

[No Elephants]

5. So, how much has he been donating? Please see Reply 3.

[Journeyman]

17. Perhaps as much as you. . .

Though they do fund two research institutes, built a hospital wing, and endowed two chairs in the UC system (in addition to funding dozens of fellowships nationwide), all in the past few years alone. Among the variety of their interests, their Foundation works to improve prospects for low-income Californians, facilitates better relations among diverse racial, ethnic and socioeconomic groups, and encourages community and civic mindedness among all people in the State.

They're no angels, of course, and plenty could be said negatively about them. But what would you rather they do, choose to "retreat back into their money" like Tom and Daisy Buchanan and live a life of vast carelessness? Or would you prefer, as they prefer, that they remain engaged in the world and help, by whatever means they can, the society to which they feel such a great depth of gratitude. Because part of that caring is to fight, as best they can, to see the proper thing done and all their careless, disengaged peers forced to pony up their fair share for the support of the society.

And they do this, mind you, in the face of silly detractors who find means to criticize absent understanding, who see chances to quibble instead of opportunities to stand in solidarity.

[No Elephants]

28. IOW, they've never donated anything to the IRS. Thanks

[No Elephants]

3. So, how much have they been donating to the IRS?

If you think you "ought" to do something, you ought to do it, even if no law requires you to do it.

The IRS receives--and accepts--contributions every year, as I am sure they know. What's been stopping them from donating?

Sorry, this kind of thing smacks of what the French refer to as wanting the flag and the money, where the flag represents the honor due the selfless (like the patriot) and the money stands for self interest or, well, money.

[valerief]

8. That's like asking why hasn't the homeless bought a cup of coffee with his penny.

ALL Millionaires and Billionaires and Trillionaires should pay and not take their special 'rich people' deductions. The total should help. The penny doesn't.

[No Elephants]

I don't see the similarity in the questions or the situations at all.

The homeless person is not storming the capital, claiming he "ought" to be spending that penny on coffee.

And that situation bears no resemblance to a millionaire storming the capitol claiming he "ought" to be giving more to his government, nor would a donation in the amount of his or her choice leave a millionaire penniless.

[bongbong]

9. Fairness

If these guys can pay more, other millionaires can pay more too. If these guys were the only ones paying more, the others would automatically join the class of repigs known as "Free Loaders", and I imagine none of the repigs wants to be called that.

[No Elephants]

30. If you feel as though you "ought' to give to charity, would you refrain because everyone else

was not donating?

Look, I have no problem with these guys not donating to the IRS and shutting up about it, but please don't make public statements about how you "ought" to and "want" to do it when nothing and no one is stopping you from doing it. If they had accompanied their drama with a donation to the IRS, I'd be a lot more impressed.

As I said, you don't get to have BOTH the flag and the money. One or the other. At least not from me.

[Wait Wut]

10. Paying taxes to the IRS and donating to the IRS are two completely different things.

If I'm forced to pay more taxes, no problem. I wouldn't be alone. But, asking me to "donate"? Not a chance. I'll donate money directly to schools, my local police/fire depts., etc. before I'll send the IRS a Christmas card and a check. As one in a group of millionaires, my additional taxes will make a significant difference when lumped with the others. My donation would be a drop in the bucket and better off as a donation to a smaller entity.

DISCLAIMER: I'm not "currently" a millionaire, but this is how I would answer your comment if I were. Also, too, and...they may very well be donating to the IRS. Or, maybe to some other very worthy causes. They sound like smart, compassionate folks. I'm not going to poke at them.

[No Elephants]

31. Please see Reply 30.

[Posteritatis]

15. This is such an idiotic talking point. (nt)

[No Elephants]

32. As opposed to your well-reasoned, courteous post?

[Posteritatis]

37. Pretty much, yep. (nt)

[DaveJ]

22. They are selfish and smart and think millionaires should pay more taxes. What's wrong with that?

If ALL millionaires' taxes are raised, they will still all be on the same playing field.

[No Elephants]

34. My reply # 3 said what I thought was wrong with that. Please see also Reply 30.

[quakerboy]

25. I dont know how true that is

The IRS receives contributions every year. This implies a separate amount from ones standard taxes that people pay? Where do you get this info?

If I file my taxes, and I don't claim the right amount, they automatically adjust it and send me more or less as fits. I assume they would do the same even if I sent them an extra check.

[No Elephants]

38. The IRS does receive and accept donations every year. Granted, the amount is

not as large as it would be if every millionaire and billionaire who's been running around claiming he or she is dying to pay more to the the IRS ever actually put their money where their mouth is, but, yes, the IRS gets donations every year.

Miscalculations on your return with no indication on your part of any intent to make a gift would not result in the IRS pocketing your money, though.

I remember reading the info in a magazine, but I don't remember which one. I did a quick google to see if I could get you a link, but a lot of IRS bulletins came up and, frankly, I am not going to spend time reading through IRS bulletins to get a link for a message board.

[quakerboy]

41. Interesting

I wonder what the legalities of such a thing are? Who feels the need to donate extra to the IRS, What legal justification they can use for keeping it, how it is counted towards national income.

I will have to keep my eyes open for info on this. Prior to this I have heard that as a talking point, but never with and indication that it was a practical possibility.

[quakerboy]

42. More interesting

You can donate money to the government. you cannot donate money to the IRS. Or at least this is what a Google search tells me

http://www.fms.treas.gov/faq/moretopics_gifts.html

http://www.slate.com/articles/news_and_politics/explainer/2011/04/uncle_sam_wants_you_or_at_least_your_spare_change.html

I do agree with one congressman on the topic, even though he is a blue dog d: We need real solutions, not gimmicks. And I maintain that voluntary donations to the government are just that. Gimmicks and a talking point, no more. If that were a valid way to fund a government, we could do away with taxes completely.

[newspeak]

48. I remember one year when reagan was president

that they had a campaign urging people to donate for the deficit. Anyone remember that? Being quite young at the time, I foolishly did just that. At the time, I didn't realize how that money would be squandered by raygun and how I was bailing out his wealthy friends who were donating less -thought I was helping my country.

[SkyDaddy7]

35. So, everyone making more than a $1 million a year is...

by default a bad person or dishonest or greedy or all of the above?

The only way I know for a rich person to "donate" more money than they actually owe to the IRS is to not take any deductions or lie about their income which is illegal.

There are plenty of wealthy & down right filthy rich people who are extremely good people & do care about the less fortunate.

[Turbineguy]

4. Repubs will tell them....

Sorry, no can do. It's against our religion.

[JaneQPublic]

7. GOPers value their Pledge with Grover more than their Pledge of Allegiance. (nt)

[Turbineguy]

21. Kind of like this?......

http://en.wikipedia.org/wiki/Hitler_oath

[wordpix]

40. yes, very similar

[Miss_Underestimated]

6. would like to see them form a coalition with Paul Krugman & Robert Reich and include them in

meetings with government officials!

[Hell Hath No Fury]

11. Thank you, 1%ers --

Good to know some of you are on the 99%ers side. :hi:

[noiretextatique]

13. agreed...shows you just how out-of-touch the republicons are

millionaires asking to pay higher taxes, poll after poll showing the majority of the country wants to raise taxes on the 1%...yet republicons and their pals refuse to defer to the will of the people. recall the GOP!!! :hi:

[Hell Hath No Fury]

19. That the GOPers & the Dems --

don't get that is amazing -- if you forget the fact that 47% of them ARE the 1% and most of the rest of them politically beholding to the 1%. ;) :hi:

[noiretextatique]

33. i can't forget

and i don't exempt democrats either. they are so sure WE will continue to "go along" with their bullshit, but it seems the 99% has awakened :hi: recall all the bastards!!!

[Hell Hath No Fury]

36. It's time for some "tough love" on the Dems ...

I refuse to continue supporting bad behavior on their part. Not gonna do it. :(

Give'em ALL the boot -- ok, but keep Sanders, the Kooch, and a most of the Progressive Caucus. :D

[NorthCarolina]

12. Too bad they aren't the right millionaires. The ones calling the shots won't be among this group. n

[Liberalynn]

14. I think some of them are smart enough

to be concerned about what may happen if the system gets any more unfair to the majority. They just have to have read their history books.

It maybe a sense of decency or conscience on the part of some, but I am betting that for at least a portion of them, it's kind like wanting to buy insurance on "self preservation."

[katty]

16. great-jump in and pay then! expire bush tax cuts-the super

committee should not be protecting the super rich.

[karynnj]

18. I'm sure if you suggestd ONE REBLICAN on the committee who had more than a chance

of backing this, they might push for it - as ALL favored this last year. They need a majority of the committee - which means at least one republican.

[humbled_opinion]

20. Nothing but theater...

Which one of them did not take any exemptions on their tax returns?
Which ones simply filled out the 1040EZ and refused to use the loopholes?

Politicians have infected the tax code with loophole after loophole to help one special interest or another for the last 50 years. The rich are not altruistic if they were they wouldn't be rich. The definition of greed is Capitalism. Not many people in America say they have no desire to attain more wealth, its the American dream don't you know....

[DaveJ]

23. They are not nice, they are smart, which is why they aren't giving away their money.

Nobody ever said they were altruistic. They are smart. So they realize that the government needs money to build infrastructure. They certainly aren't altruistic, they aren't going to simply give their money away, which would be financial suicide. If the rules change so all millionaires pay more taxes, then they would all stay on the same level respectively. They want the rules changed for the better health of the U.S.

[humbled_opinion]

29. LOL

Do you believe what you are saying? Truthfully, this handful of Millionaires wants a LEVEL PLAYING FIELD? and they want government to fairly confiscate their money equally so that no one Millionaire pays more than another one.... Come on now, I would never argue that the rich should all be equally rich..... Save that argument for the poor that are trying to attain something....

[FloridaJudy]

46. If I were a millionaire

I sure as hell wouldn't be "donating" to the IRS. I'd be giving my money to organizations that help the poor and disenfranchised, not letting the government give it to no-bid military contractors. Or I'd be contributing to Progressive political causes, the way Steven King and Michael Moore are. Not everyone who makes a fortune does it by screwing everyone else. People who make it in the arts are usually a helluva lot more liberal than those that inherited it, or made it by manipulating the economy.

And I'd be lobbying to make sure everyone paid their fair share. Either give it up in taxes, or donate it to someone who needs it.

[progressoid]

49. Politics is also theater

So is OWS. Sometimes that's what it takes to make a point.

[chavi]

24. I applaud them! nt

k&r

[fascisthunter]

26. yet he won't do it

wonder why

[mvd]

39. K&R

Good to see some of the rich don't mind paying their fair share.

[high density]

43. Making a million dollars a year makes you more than a "millionaire"

We need a different word for these people.

[freshwest]

44. Where were they during the threats of shutdown to prevent the Bush tax cuts sunsetting?

And what do they want their taxes to fund? More privatization? IDK.

Buffett, yeah. Some of these others...

And even Buffett, wasn't vocally opposing the tea party nutters being ushered into office last year.

They stood back and watched as Bush savaged the economy, ran up the debts, did TARP, and on and on.

And they're likely all Reagan fans, and that helped set the mess into motion that is crashing things now.

I'm sorry, it may be a trend toward responsible governance, but it seems a bit late for us to believe they're for the 99%.

:shrug: