Front Street

Saturday, December 17, 2011


By Gigi

A well-heeled group calling themselves ‘The Patriotic Millionaires For Fiscal Strength’ lobbied Capitol Hill with an unusual request: “Tax me.” Members of Patriotic Millionaires—open only to people with incomes of $1 million and higher—testified at a hearing on jobs and taxes, then met with super committee members and their staffs, other Congressional leaders and lawmakers from the Tea Party Caucus. They also spent time with low-tax crusader and Republican strategist Grover Norquist. “It will take all patriotic Americans working together to fix the problems irresponsible politicians caused by cutting taxes for millionaires at the same time they put two wars on the nation’s credit card,” insists Erica Payne of Patriotic Millionaires. “We need to pay for the choices we make. These Patriotic Millionaires are willing to do that. And we will ask our elected officials…most who are millionaires, if they’re willing to do the same.” The Patriotic Millionaires For Fiscal Strength stated, “that they are willing to pay more in taxes because the sacrifice is both an ethical and patriotic decision, and made in the hopes of allowing the United States to continue to be a leader economically, politically, and morally.”

I agree with the above statements and would further state that ANY deal reached by the super committee that does not ask millionaires to pay their fair share should be vetoed. Initially formed to urge President Barack Obama to let the Bush-era tax cuts expire for people making more than $1 million a year, membership has swelled to 200, and includes dozens of Google employees, actress Edie Falco, founders of Esprit, the Princeton Review, and philanthropist Michael Steinhardt, economist Nouriel Roubini, financial guru Andrew Tobias, top executives from Warburg, Pincus and filmmaker Abigail Disney.

Reducing the income tax on top earners is one of the most inefficient ways to grow the economy; according to the Congressional Budget Office…44 percent of Congress is millionaires!!!! The Bush tax cuts were never meant to be permanent, and letting them expire for the top 1 and 2 percent would pay down the debt by $700 billion over the next 10 years.