The idea that it takes sacrifice to make this country great is extending beyond the battle field and the life and limbs of our youngest and most able bodied men and women. Their sacrifices are, without a doubt, the greatest and most valiant. However, a new breed of sacrifice for country is brewing — a financial one.
For most of our history we’ve defined country first as the great sacrifice on the battlefield. We’ve embraced it as a nation, yet it has primarily been minorities and the poor who have made the ultimate sacrifice. They have done it for generations and done it with pride.
Today there is a new threat to this countries standing in the world and it’s not from the battlefield. It’s out debt. It’s ballooning out of control and something has to be done. As the Tea Party, Congress, and others squabble over what has to be done, few are willing to make the sacrifices necessary to address the threat. It seems everyone wants something to be done, but no one wants to pitch in — until now.
Eighty millionaires have come forward and have signed a letter asking Obama to allow the tax cuts to expire for anyone making over 1M. They say it’s their duty and that they want to pay their fair share. The list includes Ben from Ben and Jerry’s Ice Cream, Moby the musician, Men’s Wharehouse CEO George Zimmerman and Princeton Review Founder John Katzman.
The letter reads: (Fiscal Strength.com)
Dear Mr. President;
We are writing to urge you to stand firm against those who would put politics ahead of their country.
For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled.
We make this request as loyal citizens who now or in the pastearned an income of $1,000,000 per year or more.
We have done very well over the last several years. Now, during our nation’s moment of need, we are eager to do our fair share. We don’t need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers. The country needs to meet its financial obligations in a just and responsible way.
Letting tax cuts for incomes over $1,000,000 expire, is an important step in that direction.
I agree with this letter. I think it’s the right thing to do. I am in favor of letting the Bush Tax Cuts expire and have been for awhile, despite the fact that my taxes will go up. Keeping them lower is not going to make me spend less. I believe it’s my duty to help out and letting the tax cuts expire will be one step in addressing the largest non-military threat to this country.
A few facts to consider:
Only 375,000 Americans have incomes of over $1,000,000
Between 1979 and 2007, incomes for the wealthiest 1% of Americans rose by 281%
During the Great Depression, millionaires had a top marginal tax rate of 68%
In 1963, millionaires had a top marginal tax rate of 91%
In 1976, millionaires had a top marginal tax rate of 70%
Today, millionaires have a top marginal tax rate of 35%
Reducing the income tax on top earners is one of the most inefficient ways to grow the economy according to the non-partisan Congressional Budget Office
44% of Congress people are millionaires
The tax cuts were never meant to be permanent
Letting tax cuts for the top 2% expire as scheduled would pay down the debt by $700 billion over the next 10 years
When the country is in need we have always looked to it’s citizens to save it. Traditionally, it’s been on the battle field. It’s been the brave young men and women of the Armed Services. Now, a new definition of Country First is rising and it is from our Millionaires.
It’s time to call on a new group of people to defend this country. It’s time to redefine country first. We need to let the Bush Tax Cuts expire, specifically for those making 250k or more a year. Extending them will continue to put tremendous fiscal pressure on this country. It is time we ask for a new type of sacrifice, from a new type of person — the millionaire.
Some are already heading the call — and for that we thank you!
- “”Patriotic Millionaires” Asked to be Taxed More” and related posts (holycoast.blogspot.com)
- Why Asking For Higher Taxes Is Patriotic (247wallst.com)
- Millionaires Come Out for Higher Taxes (abcnews.go.com)