Millionaires: Raise Our Taxes To Address Poverty, Fix Roads (go.com)

jones_supa writes from an article on ABCNews: More than 40 millionaires, including members of the Rockefeller and Disney families, are asking to have their taxes raised to help address poverty and rebuild failing infrastructure. The millionaires wrote a letter to Democratic Gov. Andrew Cuomo and top New York lawmakers proposing new, higher tax rates for the top 1% of earners in the state. The letter says that additional revenue would help addressing child poverty, homelessness and aging bridges, tunnels, water pipes and roads. "As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share," the letter states. "We can well afford to pay our current taxes, and we can afford to pay even more." The tax plan, known as the one-percent tax plan, was worked out in conjunction with the Fiscal Policy Institute, a left-leaning economic think tank.

Comments

To all our wealthy patriots

[JoeyRox]

Here you go:

https://www.fms.treas.gov/faq/...

Re:Uh, just pay extra

[visualight]

Competition is why. Think about it. If `everyone` has to pay, the playing field is level. This is what Warren Buffet has been explaining tirelessly for decades. So yeah, this question goes in the "answered a long time ago" bucket.

Re:Uh, just pay extra

[Stephan Schulz]

You are very misguided....

From Google: The top 10 percent pays 53.3 percent of all federal taxes. When looking at just federal income taxes, they pay 68 percent of the burden. The top 1 percent pays 24 percent of all federal taxes compared to 35 percent of all federal income taxes.

Of course, in the US the top 1% own 40% of the countries wealth, and the top 10% own somewhere around 80%.