The ‘Buffett Rule’ has, as expected, riled up many of the wealthiest American millionaires and billionaires who apparently believe oligarchy, a political system run by those with the most money who can buy influence and power, is preferable to democracy.
Thankfully, not all of America’s wealthiest citizens agree with the unabashed greed of the Koches, Cheneys, Bushes, Cains and Perrys of our nation.
In addition to the recent calls for raising the top tax rates from billionaires Warren Buffett, Mark Cuban, and Bill Gates, a new coalition of millionaires, The Patriotic Millionaires, are also speaking out in support of raising taxes on those making over a million dollars/year.
Millionaire Dal LaMand says, “My government gave me student loans and I got a great education. Then the small business administration lent money to my company which then made me millions.” He knows that without government help his success would not have been possible.
Ron Garret of Google states this truth, “Millionaires are not the cause of a robust economy, they are the result of a robust economy.” He added that cutting crucial social projects and public services will stifle opportunities to create companies like Google.
Dennis Mehiel, chairman of US Corrugated Inc., adds, “There’s a fundamental inequity and it contradicts the progressive nature of our internal revenue code and our tax policies over generations in this country.”
A recent poll by a subsidiary of American Express found 65% of millionaires support raising taxes on those earning over $1 million a year.
Republican naysayers, are you listening? Or not?