'Patriotic Millionaires' Ask to Be Taxed More

If President Obama's deficit-reduction speech today includes a call to end the Bush-era tax cuts for the wealthiest Americans, there will surely be pushback; Republicans have already begun a preemptive attack on raising taxes. One group of millionaires, however, is saying that they are more than willing to pay more for the good of their country.

The “Patriotic Millionaires” penned a letter to Obama, Senate Majority Leader Harry Reid, and House Speaker John Boehner, urging them to “increase taxes on incomes over $1,000,000.”

The Millionaires—a group that includes producer and director Doug Liman, actress Edie Falco, the founder of Ask.com, and top Google engineers—wrote that the United States has helped them succeed financially, and they are willing to help the country do the same.

“Our country has been good to us. It provided a foundation through which we could succeed,” the group wrote. “Now, we want to do our part to keep that foundation strong so that others can succeed as we have.”

According to Alison Goldberg of the group Wealth for the Common Good, raising tax rates on millionaires could raise $60 billion to $80 billion a year in revenue.

"This small monetary sacrifice is both an ethical and patriotic decision, made in the hopes of allowing the United States of America to continue to be a leader economically, politically, and morally," said Garrett Gruener, founder of Ask.com.

But while these millionaires may be willing to pay more taxes, that doesn’t mean everyone in the country necessarily thinks it’s a good idea.

“I am not in favor of raising taxes right now, period,” House Majority Leader Eric Cantor, R-Va., said Wednesday on MSNBC. “The question is raising revenues.... And how are you going raise revenues? Are you just going to raise taxes through a magic wand

You can find a list of these millionaires in this website:

http://wealthforcommongood.org/about-us/our-signers/

Initial group of signers who would pay the tax:

• Chuck Denny, Jr., retired CEO, ADC Communications, MN
• Arul Menezes, principal architect at Microsoft, WA
• Bernard Rapoport, Chairman Emeritus, American Income Life Insurance Co., TX
• William Collins, former mayor of Norwalk, Conn. & CEO of Minuteman Media, CT
• Todd Achilles, managing member at Balius Ventures LLC, WA
• Jody Wiser, Tax Fairness Oregon, OR
• John Steel, former mayor of Telluride, Colo. & attorney, CO
• Eric Schoenberg, private investor and professor at Columbia University, NJ
• Albert Francke, independent director of companies, NY
• David Krakow, school teacher, DC
• Stan Storscher, legislative director, SPEEA, IFPTE Local 2001, WA
• John Burbank, director, Economic Opportunity Initiative, WA
• Susan Estep, financial advisor, MT
• Kris Alman, former physician and activist, OR
• Jonathan C. Lewis, CEO of Opportunity Collaboration and Microcredit Enterprises, CA
• John Harrington, Harrington Investments, Inc., CA
• Drummond Pike, CEO, Tides Inc, CA
• Roy Ulrich, Attorney and radio Hostels.com, CA
• Michael Sherraden, Center for Social Development, MO
• Paul Grundy, IBM Corporation’s Global Director, IBM Healthcare Transformation, NY
• Sandee Stewart, Sandee Stewart Television, CA
• Rene Balcer, writer and producer, CA

What the signers are saying

“Taxes are the price we pay to be part of a society that can take collective action that benefits everyone.”
- Arul Menezes, Principal Architect, Microsoft

“That something so important to every American as their taxes should fall lightly on those most able to afford proportionately higher taxes and penalize those least able, is not only a disgrace, but it is surely not American.”
-John Steel, Attorney and former Mayor, Telluride, Colorado

“The parameters of this petition support the importance of taxation as a critical tool to maintain our country’s infrastructure and improve the quality of life for the entire spectrum of U.S. citizens, regardless of income level.”
-Julie Johnson, Managing Director, Fresh Pond Capital

“It is fundamental to our American values that we have a strong meritocracy which provides equality of opportunity to all Americans. Our current tax structure is regressive and unfairly burdens those in the middle and bottom tiers. Ensuring that everyone has an opportunity to be successful and pursue their dreams means ensuring that each and every American contributes appropriately to the nation’s well-being.”
- Todd B. Achilles, Managing Member, Balius Ventures LLC

“My view is that in hard times it is important for Americans to come together and unite over the idea that medical care ought to be a basic right of citizenship. It’s only fair for those of us who have benefited the most from this system to contribute the most.”
– Eric Schoenberg, private investor and Professor at Columbia University

“ I signed the petition because I want to share what I have so that others may also enjoy good health and well-being. It’s a matter of basic caring and fairness for all Americans.”
-Arwen Bird, Anti-violence Advocate

“Our democracy is undermined by the polarization of wealth and income and opportunity. To realize equal opportunity and equality, we need to lessen the disparities of income, and increase the universality of opportunity.”
-John Burbank, Economic Opportunity Institute

“I am motivated to work with Wealth for the Common Good, as one way to make a better world for my children and our families.”
-Stan Storscher, Legislative Director, SPEEA, IFPTE Local 2001

If these “patriots” cared so much, they’d donate.

Gift Contributions to Reduce Debt Held by the Public

The Bureau of the Public Debt may accept gifts donated to the United States Government to reduce debt held by the public. Acting for the Secretary of the Treasury, Public Debt may accept a gift of:

•Money, made only on the condition that it be used to reduce debt held by the public.
•An outstanding government obligation, made only on the condition that the obligation be retired and the redemption proceeds used to reduce debt held by the public.
•Other intangible personal property made only on the condition that the property is sold and the proceeds from the sale used to reduce the public debt.
Gifts to reduce debt held by the public may be inter vivos gifts or testamentary bequests.

The fiscal year to date information includes total gifts received for the months of October through September. For the years 1996 and 1997, monthly data is not available.

Read about how to make a contribution to reduce the debt. http://www.treasurydirect.gov/govt/resources/faq/faq_publicdebt.htm#DebtFinance

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