Showing posts with label millionaires. Show all posts
Showing posts with label millionaires. Show all posts

Monday, November 22, 2010

Are the rich abandoning America?

Tom Ricks thinks rich Americans pretty much don't care about their country. Ricks is a national security reporter who's written a great book about Iraq called "Fiasco."

Ricks points out that the draft ended in the '60s and the Reagan tax cuts began in the '80s. We don't usually compare those two events, he says, but
...we may come to see them together as the moment when the wealthy checked out of America and moved into physical and mental gated communities...
Ricks has an interesting idea: reinstate the draft -- not the old draft, but a draft where you can do something useful for low pay for 18-24 months. Libertarians could choose to do nothing for their country, and in return they would get nothing:

The military option. ...18 months of military service...new conscripts could do a lot of work that currently is outsourced: cutting the grass, cooking the food, taking out the trash, painting the barracks. They would receive minimal pay during their terms of service, but good post-service benefits, such as free tuition at any university in America...

The civilian service option. ...We have lots of other jobs at hand. You do two years of them -- be a teacher's aide at a troubled inner-city school, clean up the cities, bring meals to elderly shut-ins. We might even think about how this force could help rebuild the American infrastructure, crumbling after 30 years of neglect. These national service people would receive post-service benefits essentially similar to what military types get now, with tuition aid.

The libertarian opt-out. ...Here, you opt out of the military and civilian service options. You do nothing for Uncle Sam. In return, you ask for nothing from him. For the rest of your life, no tuition aid, no federal guarantees on your mortgage, no Medicare. Anything we can take you out of, we will. But the door remains open -- if you decide at age 50 that you were wrong, fine, come in and drive a general around for a couple of years.

Friday, November 19, 2010

Patriotic millionaires want their taxes raised

This is rich. No, really.

Forty-seven millionaires asked President Obama to let the Bush tax cuts expire for anyone making more than a million dollars a year. Among the richly blessed who put their country before politics are  Ben Cohen of Ben & Jerry's, trial lawyer Guy Saperstein, real estate developer Robert Bowditch Jr., publisher Win McCormack and hedge fund manager Michael Steinhardt.

They launched a campaign and a website to argue that fiscal responsibility begins with people who can afford it. (That would include members of Congress, more than half of whom are millionaires.)

They sent a letter to Obama that said, in part,
...we are eager to do our fair share. We don’t need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers. The country needs to meet its financial obligations in a just and responsible way.
Joe Conasen at Salon reports that some millionaires scoffed at the project.
At least two airily dismissed the Bush tax cuts for millionaires and above -- which will cost well over $700 billion over the coming decade -- as "small potatoes." 
One super-rich investor said "anyone who has money is made to feel that they're bad" (our hearts are bleeding).

Check out their "Fiscal Strength" website. It reminds us that during the Great Depression, millionaires' top tax rate was 68 percent. Now it's 35 percent -- and for some, 15 percent.