News / USA

US 'Patriotic Millionaires': 'Tax Us More'

US 'Patriotic Millionaires': 'Tax Us More'i
|| 0:00:00
X
November 15, 2012 10:12 PM
With budget negotiations between the White House and Congress geared toward steering the U.S. clear of what's being referred to as a "fiscal cliff" starting this week, two dozen millionaires have arrived in Washington to re-issue a call for raising taxes on the wealthiest Americans. Jeff Swicord reports.

US 'Patriotic Millionaires': 'Tax Us More'

Jeff Swicord
In Washington - a group calling themselves "Patriotic Millionaires," storming Capitol Hill with their message for the president and Congress: “tax us more, we can take it.”

“We have the fastest growing rate of inequality in the developed world," said one.

They are in line with President Obama, who has vowed to raise taxes on the wealthiest Americans as part of a budget deal needed to avoid the looming crisis.  The so-called "fiscal cliff" would force tax increases and deep budget cuts if there is no deal by December 31st.

“When it comes to the top two percent, what I am not going to do is extend a tax cut for folks who don’t need it.  That would cost close to a trillion dollars," said President Obama.

But House Speaker John Boehner has made it clear the wealthiest Americans should not see their taxes go up.

“I have outlined a framework for how both parties can work together to avert the fiscal cliff without raising tax rates," said Boehner.

The Patriotic Millionaires disagree with Speaker Boehner.  They take issue with the Republican Party’s argument that taxing wealthy job creators will lead to fewer jobs.  T.J. Zlotnitsky is CEO of iControl Systems, a data management company.

“When I make a decision about whether or not I am going to hire people to help grow my business I make those decisions strictly on the basis of whether the company needs them, whether the customers demand them, whether doing so will grow the business.  In terms of my own personal tax rates, that never factors in," he said.

The millionaires argue that over-burdening the middle-class with taxes to pay for the U.S. deficit would be far worse for the economy.

“It is especially important about the middle class.  If you lose the middle class, you are losing customers.  So a strong middle class that is helped by a fair tax system leads long-term to a healthy economy," said Frank Patitucci, CEO of NuCompass Mobility..

'Patriotic Millionaires' has more than 200 members across the United States, who work in the fields of finance, entertainment, and technology.

You May Like

IS Militants Release 49 Turkish Hostages

Turkey's state-run Anadolu news agency reports that no ransom was paid and no conditions accepted for the hostages' release; few details of the release are known More

Photogallery IS Attacks Send Thousands of Syrian Kurds Fleeing to Turkey

Syrian Observatory for Human Rights says more than 300 Kurdish fighters crossed into Syria from Turkey to defend a Kurdish area from attack by the Islamic militants More

Sierra Leone's 3-day Ebola Lockdown Continues

Thousands of health workers are going door to door in the West African country of 6 million, informing people of how to avoid Ebola, handing out soap More

This forum has been closed.
Comment Sorting
Comments
     
by: derek
November 23, 2012 6:55 PM
How nice of those millionaires. Although, that's not really going to do much in the long run. Taxing rich people more just because there is a widening gap in income? Maybe they should look at why there is an income gap, and not just look at taxing those who already pay most of the taxes to pay more.

Trying to cure the symptom and not the disease.

In Response

by: Anonymous
December 05, 2012 11:06 PM
There is a huge gap in income because that is how capitalism works. The rich strive to get richer by employing the poorer to earn more money for the rich. Socialism works to limit this, but few societies can get it just right. And good luck getting that message across to Americans.


by: mhey from: Philippines
November 21, 2012 5:51 AM
Wow! I salute for these people who volunteer to have higher tax, MABUHAY kayo.In Philippines the BIR are following after Pacquiao how about Lucio Tan who owns the PAL?


by: trussell from: USA
November 18, 2012 12:21 PM
These are true patriots. They want the USA to do well, unlike the Americans that hide their money overseas to avoid taxes. That is pure greed.

In Response

by: derek
November 23, 2012 6:57 PM
They can send me money anytime. I'll spend it in a more secure and public-benefitting way than the federal government will by taxation, which is the worst method of spillover control possible. If you don't know what i mean, it's because you don't know what this article is about.


by: Dave R from: New York
November 17, 2012 7:36 PM
This CEO of iControl Systems is obviously lacking some basic business education. You shouldn't be hiring people to "grow" your business unless the marginal cost of hiring that new worker is less than the marginal benefit you can expect to receive. In other words, it is quite easy to add employees and add revenue, but the goal of any business is to increase EARNINGS. "Growing" revenues without growing earnings is a waste of a firm's money - it will drive down the firm's return on equity, and once a firm's return on equity drops below the firm's cost of capital, you are losing money, not earning it. And personal tax rates are a HUGE factor for all small business owners who file under the personal tax code (e.g., most LLC's and S Corps do this). To claim otherwise is nonsensical and demonstrates a complete lack of basic economic common sense.


by: Abdulla from: Malaysia
November 15, 2012 11:06 PM
Really it's clear to every one that defending millionaires to their wealthy is the aim to increase their income and create small number of jobs, but the governments issue towards tax increase is quite good for all, because the government can support small business and create more new jobs to the market. however it's your time to share with the government to lift the income of the middle class and bring new jobs to the market.


by: John from: Colorado
November 15, 2012 6:23 PM
Kudos across the board to all members of the 'Patriotic Millionaires' as noted by a review of your boigraphy data. Granted the 30-40 percent cuts in your taxes will be felt with minimum effect; yet again the right thing is being demonstrated and only would have that the rest of the country stand up and do what is right.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Migrants Caught in No-Man's Land Called Calaisi
X
Lisa Bryant
September 19, 2014 5:04 PM
The deaths of hundreds of migrants in the Mediterranean this week has only recast the spotlight on the perils of reaching Europe. And for those forunate enough to reach a place like Calais, France, only find that their problems aren't over. Lisa Bryant has the story.
Video

Video Migrants Caught in No-Man's Land Called Calais

The deaths of hundreds of migrants in the Mediterranean this week has only recast the spotlight on the perils of reaching Europe. And for those forunate enough to reach a place like Calais, France, only find that their problems aren't over. Lisa Bryant has the story.
Video

Video Westgate Siege Anniversary Brings Back Painful Memories

One year after it happened, the survivors of the terror attack on Nairobi's Westgate Shopping Mall still cannot shake the images of that tragic incident. For VOA, Mohammed Yusuf tells the story of victims still waiting for the answer to the question 'how could this happen?'
Video

Video Militant Assault in Syria Displaces Thousands of Kurds

A major assault by Islamic State militants on Kurds in Syria has sent a wave of new refugees to the Turkish border, where they were stopped by Turkish border security. Turkey is already hosting about 700,000 Syrian refugees who fled the civil war between the government and the opposition. But the government in Ankara has a history of strained relations with Turkey's Kurdish minority. Zlatica Hoke reports Turkey is asking for international help.
Video

Video CERN Accelerator Back in Business

The long upgrade of the Large Hadron Collider is over. The scientific instrument responsible for the discovery of the Higgs boson -- the so-called "God particle" -- is being brought up to speed in time for this month's 60th anniversary of the European Organization for Nuclear Research, known by its French acronym CERN. Physicists hope the accelerator will help them uncover more secrets about the origins of the universe. VOA’s George Putic reports.
Video

Video Whaling Summit Votes to Uphold Ban on Japan Whale Hunt

The International Whaling Commission, meeting in Slovenia, has voted to uphold a court ruling banning Japan from hunting whales in the Antarctic Ocean. Conservationists hailed the ruling as a victory, but Tokyo says it will submit revised plans for a whale hunt in 2015. Henry Ridgwell reports from London.
Video

Video Russian Economy Reeling After New Western Sanctions

A new wave of Western sanctions is hitting Russia’s economy hard. State-owned energy firms continue to bleed profits and Russia’s national currency plunged to a new low this week after the U.S. and the European Union announced new sanctions to punish Russia's aggressive stance in eastern Ukraine. But as Mil Arcega reports, the sanctions could also prove costly for European and American companies.
Video

Video Belgian Researchers Discover Way to Block Cancer Metastasis

Cancer remains one of the deadliest diseases, despite many new methods to combat it. Modern medicine has treatments to prevent the growth of primary tumor cells. But most cancer deaths are caused by metastasis, the stage when primary tumor cells change and move to other parts of the body. A team of Belgian scientists says it has found a way to prevent that process. Zlatica Hoke has more.
Video

Video Mogadishu's Flood of Foreign Workers Leaves Somalis Out of Work

Unemployment and conflict has forced many young Somalians out of the country in search of a better life. But a newfound stability in the once-lawless nation has created hope — and jobs — which, some say, are too often being filled by foreigners. Abdulaziz Billow reports from Mogadishu.
Video

Video A Dinosaur Fit for Land and Water

Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video Iraqi Kurdistan Church Helps Christian Children Cope find shelter in churches in the Kurdish capital, Irbil

In the past six weeks, tens of thousands of Iraqi Christians have been forced to flee their homes by Islamic State militants and find shelter in churches in the Kurdish capital, Irbil. Despite U.S. airstrikes in the region, the prospect of people returning home is still very low and concerns are starting to grow over the impact this is having on the displaced youth. Sebastian Meyer reports from Irbil on how one church is coping.
Video

Video NASA Picks Boeing, SpaceX to Carry Astronauts Into Space

The U.S. space agency, NASA, has chosen Boeing and SpaceX companies to build the next generation of spacecraft that will carry U.S. astronauts to the International Space Station by the year 2017. The deal with private industry enables NASA to end its dependence on Russia to send space crews into low Earth orbit and back. Zlatica Hoke has more.
Video

Video Future of Ukrainian Former President's Estate Uncertain

More than six months after Ukraine's former President Viktor Yanukovych fled revolution to Russia, authorities have yet to gain control of his palatial estate. Protesters occupy the grounds and opened it to tourists but they are also refusing to turn it over to the state. VOA's Daniel Schearf reports from Mezhigirya, just north of Kyiv.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid