Wednesday, December 15, 2010


It looks like more than a few millionaires aren't happy with President Obama's tax deal with Senator Mitch McConnell (R-KY). But unlike the greedy and false patriot Republican gazillionaires who want us to keep borrowing from the Chinese so they can get even more tax breaks, these million dollar earners don't want all of President Bush's tax cuts for the rich extended. Instead, they think like this ...

Check out this open letter penned by Millionaires for Fiscal Strength ...

Mr. President:
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.

But wait. These fiscal patriots aren't done. They've provided a list of facts that "You Should Know ..." on their site. Here they are ...

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

While I'm not sure that I agree with their million dollar target as the abrupt cut off point for letting tax cuts expire (I would have no problem creating a graduated schedule up through $1 million), I like the way these guys think.

- Mark

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