Over the years, Germany has exported a number of bad ideas and bad actors – including public education and Adolph Hitler. In June, 51 German millionaires planted seeds for yet another. They founded a Club of the Wealthy and proposed “to give up …
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Over the years, Germany has exported a number of bad ideas and bad actors – including public education and Adolph Hitler. In June, 51 German millionaires planted seeds for yet another. They founded a Club of the Wealthy and proposed “to give up 10 percent of their income in the form of a ‘Rich Tax’ for 10 years to consolidate the budget.”
Not to be outdone – or is it a case of following the prescription of worldwide progressives – last week 45 American millionaires sent a letter to President Obama calling for the so-called Bush-era tax cuts to expire.
Who are these Americans who want to raise taxes on themselves and so many others?
The “gang of 45” millionaires include Princeton Review founder John Katzman; Grammy-nominated DJ Moby; and Jerry Cohen of Ben & Jerry’s Ice Cream fame, among others.
Who orchestrated and coordinated the effort?
That would be a new progressive organization called The Agenda Project.
Here’s how The Agenda Project describes what they call, “The Road Ahead.”
“The remarkable victory of Barack Obama and other electoral gains provided a critical boost of political power. This power is reinforced by the young but vibrant ‘extra-political’ infrastructure. New and important relationships have developed between key stakeholders, and critical funders have emerged as important leaders.”
What might be behind their call for higher taxes? Apparently, not cutting spending and shrinking the size of federal government.
Instead, they prefer to increase taxes on themselves and – given the effect of killing the Bush tax cuts – all who earn above $200,000.
Any one – or all – of these individual millionaires could send a check to the IRS in the amount of their choosing. Instead, given the public proposal, their preference would rob the earned income and prospective wealth of others and, in effect, create a firewall for those whose level of assets might already – or someday – approach the same level.
Could that also be part of the motivation? Sure. It is easy for the entrenched wealthy who have already made their millions.
Typically, the wealthy pay taxes only – or mostly – on the interest income from their investments. So, the proposal represents what is an essential component in any plan to protect the wealth of entrenched millionaires.
Another part might be a personal commitment to Obama and his policies. Obviously, during these waning days of a lame-duck Congress, the president is trying to short-sell his program.
Here’s an interesting data fact:
According to the Boston Consulting Group, in the United States, “millionaires represent a fraction of the population … but held 56 percent of its wealth.”
That suggests the public call for raising taxes on the wealthy may in reality be a bit of misdirection – designed to sustain the redistributive progressive agenda but placing the heavier burden on energetic and productive Americans.
What do you think?
Should current tax rates be extended for all; or only for selected segments of taxpayers? Tell us via the online at www.KeySurveys.us.
Richard Olivastro is president of Olivastro Communications and founder of Citizens For Change. He can be reached via e-mail at RichOlivastro@gmail.com, or by phone at 1-877-RichSpeaks.