"Patriotic Millionaires": Raise our taxes, please!

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Hush
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"Patriotic Millionaires": Raise our taxes, please!

Post by Hush » Thu Apr 14, 2011 12:51 pm

Republicans insist that raising taxes on anyone would be catastrophic. But some of the most affluent disagree

http://www.salon.com/news/politics/war_ ... index.html
Demand stringent background and mental health checks on your politicians.

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chrismartin
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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by chrismartin » Thu Apr 14, 2011 1:21 pm

1. There is nothing stopping them from paying more to the IRS, not taking deductions, etc.
2. Increasing the top marginal rate of the "rich" would generate an insignificant amount of revenue compared to the deficit.

http://www.americanthinker.com/blog/201 ... s_out.html

"If the highest rate of 35% were raised by a factor of 20% to 42%, then the additional tax revenue would be $43.5 Billion, not much of a dent in $1,665.0 Billion. So, let's raise the rate by a factor of 50% to 52.5%; the additional revenue would be $108.9 Billion. Still nowhere near enough, so let's just tax it at a rate of 100%, bringing in an additional $404.8 Billion. Unfortunately the country is still $1,260.0 Billion in the hole for the year."

Liberalism really is a mental disorder.

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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by ctdonath » Fri Apr 15, 2011 10:27 am

Anyone who wants taxes raised but who hasn't given the difference voluntarily isn't serious.

From treas.gov:
Gifts to the United States Government

How do I make a contribution to the U.S. government?

Citizens who wish to make a general donation to the U.S. government may send contributions to a specific account called "Gifts to the United States." This account was established in 1843 to accept gifts, such as bequests, from individuals wishing to express their patriotism to the United States. Money deposited into this account is for general use by the federal government and can be available for budget needs. These contributions are considered an unconditional gift to the government. Financial gifts can be made by check or money order payable to the United States Treasury and mailed to the address below.

Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782

Any tax-related questions regarding these contributions should be directed to the Internal Revenue Service at (800) 829-1040.

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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by ThePatriot » Fri Apr 15, 2011 11:14 am

I'll get right on it.
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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by silencertalk » Fri Apr 15, 2011 8:54 pm

I dunno. RI is a nice place to keep a boat. Maybe he just preferred the harbor there.

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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by CThomas » Fri Apr 15, 2011 9:48 pm

rogerdemin wrote:
ctdonath wrote:
you could fire 90 percent of the IRS employees.

Screen all of those fired and take the cream of the crop and immediately reassign them to the NFA division to process forms quicker :wink:

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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by Selectedmarksman » Sat Apr 16, 2011 12:22 am

I've you're rich and think the Gov't needs more of your money just write them a check. What kind of sociopath wants the rest of their society to be forced to surrender more of their own earnings just because he feels he personally chooses to?
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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by doubloon » Sat Apr 16, 2011 12:58 am

chrismartin wrote:1. There is nothing stopping them from paying more to the IRS ...
Correct.

http://www.fms.treas.gov/faq/moretopics_gifts.html
http://www.youtube.com/watch?v=BDtd2jNIwAU MUSAFAR!
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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by Twinsen » Sat Apr 16, 2011 2:38 am

If I lived in Massachusetts, I'd do everything in RI too.

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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by mpallett » Sat Apr 16, 2011 10:42 am

Twinsen wrote:If I lived in Massachusetts, I'd do everything in RI too.
It is easier to get a gun permit in MA than it is in RI.
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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by smcharchan » Sat Apr 16, 2011 2:05 pm

America does not have a debt problem. The United States Federal Government has a spending problem.

Taxing the rich will not solve the problem:
This year, Congress will spend $3.7 trillion dollars.
...
If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there's a problem because there are 224 more days left in the year.

How about corporate profits to fill the gap? Fortune 500 companies earn nearly $400 billion in profits. Since leftists think profits are little less than theft and greed, Congress might confiscate these ill-gotten gains so that they can be returned to their rightful owners. Taking corporate profits would keep the government running for another 40 days, but that along with confiscating all income above $250,000 would only get us to the end of June. Congress must search elsewhere.

According to Forbes 400, America has 400 billionaires with a combined net worth of $1.3 trillion. Congress could confiscate their stocks and bonds, and force them to sell their businesses, yachts, airplanes, mansions and jewelry. The problem is that after fleecing the rich of their income and net worth, and the Fortune 500 corporations of their profits, it would only get us to mid-August.
Source: http://www.lewrockwell.com/williams-w/w ... s78.1.html

Of course, he isn't taking into account the government's other sources of revenue (like inflation), but his numbers do help to get the point across.

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Re: "Patriotic Millionaires": Raise our taxes, please!

Post by Twinsen » Sat Apr 16, 2011 4:09 pm

Well that's cool, MP. I grew up in a state 1% more free, so I'm gonna brag.

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