By noon Wednesday, the halls of Congress will be overrun by millionaires intent on getting lawmakers to raise their taxes.
More than 200 of America’s wealthiest consumers have joined the Patriotic Millionaires, an online petition that’s attracted a growing list of high profile supporters, including actress Edie Falco, former AOL executive Charlie Fink, and a pair of ex-Google software engineers.
The group gained traction in the spring after Congress voted down the “Buffet Rule,” which would have instated a new tax on consumers earning more than $1 million. Despite the bill’s failure, President Obama called on some of the group’s participants to help him lobby to raise minimum taxes on millionaires to 30 per cent.
Their mission seems admirable enough, but critics of taxes on the super rich have long argued that taxing high-earners would barely put a dent in our national debt.
Using the hypothetical Buffet Rule, The Joint Committee On Taxation crunched the numbers to see how much of an impact it would have (see chart below).
We agree with ZeroHedge’s Tyler Durden’ take on the whole debate:
“Luckily, as all these very much informed millionaires know quite well, the US Treasury has a dedicated section, named simply pay.gov, which allows anyone: billionaires (here’s looking at you Mr. Buffett), millionaire, or even thousandaire, to make a donation which is used directly to pay down the US debt.”
In other words: Put your money where your mouth is.
If Congress doesn’t renew the Bush tax cuts by Dec. 31, higher taxes will fall on consumers earning more than $250,000.
See a full list of Patriotic Millionaires here. We’ve listed a few below.
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