Patriotic Millionaires want their taxes raised

From the newsy transcript"

Some Democrats have argued for higher taxes on the rich.

But the Republican controlled house voted to extend the Bush Tax Cuts in a compromise last year -- arguing that tax increases on the wealthy would kill jobs. Here’s House Speaker John Boehner earlier this month...

“Over half of the people who would be taxed under those plan are in fact more business people. And as a result, you are going to basically increase taxes on the very people that we’re hoping are going to reinvest in our economy and create jobs.”

But the so-called “Patriotic Millionaires” disagree with Mr. Boehner’s reasoning. Former AOL executive and millionaire Charlie Fink spoke with CBS.

“Journalist : How do you respond to the criticism of those who say that raising taxes on the job-creators, the wealthy, kills job.

Charlie Fink : That’s simply a lie. People who create jobs create jobs because of demand on their products and services, not because of taxes.”


Unfortunately after the 2008 elections, the Democrats could have made the tax structure fairer, but they didn't. They could have raised the capital gains tax and restored the Estate Tax, but they didn't. 


The government spent a lot of money to restart the economy, but the Obama administration didn't increase revenues to pay for the spending. 

Unless the Democrats can retake the house and hold onto the Senate, the tax structure is likely to favor the affluent after the 2012 elections. 

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