Rich people who want higher taxes should pay more

By Doug Bandow, The American Spectator | Tax Day is here, a dreadful occasion for most Americans. But it is pure tragedy for the rich. That is, those who believe government should take more. Stephen Prince, whose company makes plastic gift cards, told the New York Times that he was “pissed off about” the Trump tax cut.

The reason? He’s paying $3 million less than before. “People like me are not all greedy.” That’s certainly good to know! He added: “We have to show that we have some concern for the country, and that we’re willing to pay some taxes.”

Doug BandowOf course, only the most obtuse and greedy right-winger verging on fascism doesn’t realize that it is his/her patriotic duty to hand Nancy Pelosi and Chuck Schumer, as well as Kevin McCarthy and Mitch McConnell—more money to squander, er, “invest” in America’s future. This sentiment predates President Donald Trump. The informal “Patriotic Millionaires” group was founded back in 2010 by Morris Pearl, formerly with BlackRock.

In recent years PMs have visited Capitol Hill, urging higher taxes on the rich. “We’re very concerned about this huge inequality thing” said Pearl. The retiree said he was paying less taxes than working people: “It’s a pretty good deal if you can get it, but it’s not good for the country.”

Investor and professor Eric Schoenberg argued that “our tax system is a monstrosity” which has “been perpetually slanted toward the rich.” The financial benefit to him of the Trump legislation “is completely secondary. The whole thing is legislative malfeasance.”

Warren Buffett once appeared to be an honorary member of the “stick it to the rich” political club, urging a minimum tax on the wealthy. But he may have fallen out of the group last year, when he applauded the Trump tax cut, calling it a “huge tailwind” for business.

What will the outraged rich do with their unfair windfall? The undertaxed rich are divided. Pearl dismisses it as just making his “pot of money… somewhat larger than it might otherwise have been.” John Driscoll plans to give more cash to his favorite political causes: “The unnecessary and fiscally imprudent reduction in the individual income tax rate gives me more income,” which he will use “to invest more in candidates who don’t put the income of wealthy people ahead of people who need help.”

However, none, reported the Times, planned on doing the obvious: writing a check to the U.S. Treasury.

To read the entire article, please click here.

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