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Rich People Who Want Higher Taxes Should Pay More

March 6, 2019 in Economics

By Doug Bandow

Doug Bandow

Tax Day is approaching, a dreadful occasion for most Americans.
But it is pure tragedy for the rich. That is, those who believe
government should take more. Stephen Prince, whose company makes
plastic gift cards, told the New York Times that he was
“pissed off about” the Trump tax cut.

The reason? He’s paying $3 million less than before.
“People like me are not all greedy.” That’s
certainly good to know! He added: “We have to show that we
have some concern for the country, and that we’re willing to
pay some taxes.”

Of course, only the most obtuse and greedy right-winger verging
on fascism doesn’t realize that it is his/her patriotic duty
to hand Nancy Pelosi and Chuck Schumer, as well as Kevin McCarthy
and Mitch McConnell—more money to squander, er,
“invest” in America’s future. This sentiment
predates President Donald Trump. The informal “Patriotic
Millionaires” group was founded back in 2010 by Morris Pearl,
formerly with BlackRock.

In recent years PMs have visited Capitol Hill, urging higher
taxes on the rich. “We’re very concerned about this
huge inequality thing” said Pearl. The retiree said he was
paying less taxes than working people: “It’s a pretty
good deal if you can get it, but it’s not good for the
country.”

There’s nothing wrong
with someone believing he or she should pay more to the
feds.

Investor and professor Eric Schoenberg argued that “our
tax system is a monstrosity” which has “been
perpetually slanted toward the rich.” The financial benefit
to him of the Trump legislation “is completely secondary. The
whole thing is legislative malfeasance.”

Warren Buffett once appeared to be an honorary member of the
“stick it to the rich” political club, urging a minimum
tax on the wealthy. But he may have fallen out of the group last
year, when he applauded the Trump tax cut, calling it a “huge
tailwind” for business.

What will the outraged rich do with their unfair windfall? The
undertaxed rich are divided. Pearl dismisses it as just making his
“pot of money… somewhat larger than it might otherwise have
been.” John Driscoll plans to give more cash to his favorite
political causes: “The unnecessary and fiscally imprudent
reduction in the individual income tax rate gives me more
income,” which he will use “to invest more in
candidates who don’t put the income of wealthy people ahead
of people who need help.”

However, none, reported the Times, planned on doing the
obvious: writing a check to the U.S. Treasury. Inexplicably, Prince
said: “I don’t want to just give away my money to the
government.” Still, he’s dedicated to getting the
government to raise his tax rate. He admitted that …read more

Source: OP-EDS

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