Network of wealthy wants to pay more taxes

[imurhuckleberry]

April 9, 2010

Seattle Times business reporter

Some rich Americans are leading a tax revolt of sorts — to pay more, not less.

Judy Pigott, a Seattle author, philanthropist and an heir to the Paccar fortune, is among the group of wealthy individuals calling on Congress to end tax breaks that have enriched people like her.

They have signed a Tax Fairness Pledge to take the money they saved as part of tax cuts enacted under President George W. Bush and donate it to groups working to overturn those policies.

The tax cuts were "based on the erroneous assumption that the trickle-down effect would somehow benefit everyone," Pigott said. "What we have now is the greatest wealth disparity since the Great Depression."

She is part of a group called Responsible Wealth, a project of the nonprofit United for a Fair Economy. The network of 700 people who are among the wealthiest 5 percent in the U.S. includes Jeffrey Hollender, the co-founder of Seventh Generation natural products, and Eric Schoenberg, an economist at Columbia University and former investment banker.

continued...http://seattletimes.nwsource.com/html/businesstechnology/2011571518_taxwealth10.html

[MichiganVote]

1. They can pay mine anytime they want to.

[mediaman007]

2. Don't you get any value from the taxes you pay?

(I'm sure that you were sarcastic.)

[Cresent City Kid]

3. They need a catchy slogan

"Read my lips, raise my taxes!"

[Wilms]

4. Impressive. n/t

[Shanti Mama]

5. "rich people suck"

A year or two ago I posted that I knew some extremely wealthy people who actually were good,thoughtful, caring people not interested in ruling the country strictly for their own benefit. I was bashed, of course.

We generalize so often on DU. I find this a refreshing reminder that generalizations are just that. They don't describe individuals. Thanks to the OP for finding and posting this. And a BIG thanks to these wealthy folks for banding together to make their voices stronger.

[arcadian]

7. These people probably represent %1 of the wealthy.

[Greyhound]

8. Perhaps you interpreted a challenge to the depth of their commitment as personal bashing?

If you posted a link to the discussion that would be helpful.

Until you can start listing people/families that have given/spent 95+% of their money to making the world better for others, it's nothing but PR.

If Michael Milken, (yes, that Michael Milken) only the 488th richest person on earth (I bet you though he was broke after the convictions and all), gave 99% of his fortune away he would still have $20,000,000.

If rich people really care, they can do amazingly wonderful things, they don't, therefore they don't.

[Greyhound]

11. Too much to hope for any reply.

What a shock.

[chill_wind]

6. Interesting.

"Another member of the network is Arul Menezes, who came to the U.S. as a graduate student with $250 and earned his wealth over the past 20 years at Microsoft. Investments made decades ago created the universities and research systems that helped him succeed, he said.

Menezes said that while the tax cuts have saved him more than $20,000 a year, he worries about the long-term impact.

"The tax cut was paid for entirely with borrowing," he said, while funding for schools, roads and research was cut. With a deficit of about $1.5 trillion, "that's just robbing the bank."

Menezes said he has stepped up his charitable giving. But that won't have the same effect as reworking the tax system, he said.

'It embarrasses me to go into a grocery store and know that the person at the checkout stand is paying a higher tax rate than I am,' he said."

[Mariana]

9. Nothing is stopping them from paying more tax.

They should try a little harder and really set an example. The IRS has a "conscience fund" into which anyone can pay as much as they want for any reason. I imagine most states and localities won't tear up a check made out to them, either.

[Silent3]

12. Token gestures aren't an answer, however

The few who would pay extra taxes voluntarily, plus the few more than might be inspired by those first few to do so, would likely make only a negligible dent in the deficit. I don't think you can fault people for not wanting to give up lots of money in a futile or merely symbolic effort when they know the only real answer is making the extra taxes mandatory for all of their fellow rich citizens.

[Ysabel]

10. ha! they should give 99% away and join the rest of us...

and while they're at it they ought to be able to take a bit of ribbing / if they are really sincere they can deal with it / i mean really fuck that shit unless they are willing to go waaaaaaaaay out on a limb and give it ALL up so we are on EQUAL footing i say FUCK IT...

- yeah i really fucking have had it / pfft with the piddley little shit / and i don't think i'm just speaking for myself / i think a lot of people feel this way / and i also think that ought to really worry them / yes we are going to tear this up - sooner or later...

[Mind_your_head]

13. I remember what a very wealthy friend of mine said regarding the

first round of b*shco tax cuts....he said, "I don't need it, but I'm not going to say "no" (to the tax cuts).

Perhaps this is some of what you are citing here. Responsible, BIG PICTURE thinkers, who aren't in the "let's take over the world" tank are publically acknowledging that it's very bad policy.