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US 'Patriotic Millionaires': 'Tax Us More'

US 'Patriotic Millionaires': 'Tax Us More'i
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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.

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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.

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