What?!?!?!

I meant to rant last week about a group of rich folks calling themselves 'The Patriotic Millionaires for Fiscal Strength', but Thanksgiving got in the way.

What you have is a group of 90 plus millionaires who signed a petition to President Obama, asking that he be strong and allow the tax breaks on those that make over One Million Dollars a year to expire.  The only names on the list I recognize are Moby and Ben Cohen, co-founder of Ben and Jerry's Ice Cream, a fine fine product which I am well acquainted with. 

That is very Patriotic of them.  Guess that makes me very un-patriotic for not wanting my taxes raised(not that I make over $1,000,000.

According to a Reuters article dating back to 2009, there were over 840,000 families in the U.S. with a net worth(not counting first homes) of over 5 Million Dollars.  I wonder how these other 839,910 families feel about these 90 Patriotic Millionaires speaking for them?(granted, net worth of over 5 million doesn't mean you are making over a million a year...but, work with me on this one).

Ben Cohen, at some point, had to put in a lot of time and effort to turn Ben and Jerry's into what it is today.  People shouldn't be punished for making money!(up to a certain point)

What was that in parentheses?  Up to a certain point?

Well yes...I do think that at some point of income, enough is a enough, and your percentage should go up...not to the 91% it once was for the highest income bracket...but up a little.Where should that point of income be?  Don't ask me...just some point much higher than what I make.  A million a year might be a good point for it.

Anyway...I'm off the track.  The point is after these millionaires said 'Please let our tax breaks expire so we can pay more!' Greg Easterbrook, who writes a football column for ESPN, but is also one smart dude who writes real books(with words and everything!) pointed out that your tax obligation on your Form 1040 is the MINIMUM tax you have to pay.  There is nothing to stop you from adding a few more zero to the check you write to the Government, so be as Patriotic as you want to Millionaires!


Not so fast my friend:

Patriotic Millionaires Support Raising Taxes but Won't Voluntarily Pay more to the Government

Reading some of the guys opinions in this article, I really can't understand how these folks made their money. 
Really what they are saying is...'Go ahead and raise our tax bracket, but my tax attorneys and CPA's will be one step ahead of you to ensure MY tax burden doesn't increase.'  That's pretty Patriotic alright.

When I am in charge, one of the first things I am going to do is burn this whole tax system to the ground.  Flat tax rates(not a flat tax rate across the board at all incomes, but a separate rate for each income bracket) with NO deductions of exemptions.  Fair and square...and that way, the tax attorneys can be part of the first group against the wall.