'Patriotic Millionaires' Describe What They've Done With Their Bush Tax Cuts: 'I Built A Dance Floor

WASHINGTON -- Paul Egerman isn't certain how many millions he's saved from the tax cuts enacted during the George W. Bush administration in the early 2000s and extended by President Barack Obama in December of last year. "I do not know how much I've saved over 10 years but I'm sure it is several million dollars -- probably in excess of $10 million," said Egerman, founder of a medical transcription company called eScription. And what, HuffPost asked, have you done with all that cash? "I've kept it," he said. "I have not done anything with that money."

Egerman is part of a gang of self-described Patriotic Millionaires who wish the federal government would help itself to more of their money to address its big budget deficits. Nearly 200 millionaires have signed a letter asking congressional Republicans to consider healing budget gaps with increased revenue -- in particular, higher taxes on millionaires -- instead of just reduced spending.

The group is coordinated by the Agenda Project, a New York think tank, and Wealth for the Common Good, a network of business leaders and wealthy people that promotes "fair and adequate taxation" to support the economy. Other millionaires on a conference call Monday morning said they had more fun with their extra money than Egerman did.

"I probably traveled a little bit more than I otherwise would have," said Frank Patitucci, CEO of NuCompass Mobility Services, a company that offers relocation management services. "I got a bigger boat than I used to have," said Dennis Mehiel, the founder and chairman of cardboard box manufacturer U.S. Corrugated, Inc. He lamented that the construction of his 150-foot sloop didn't create any jobs for American workers. "The problem is, it was built in Italy."

http://www.huffingtonpost.com/2011/06/06/patriotic-millionaires-bush-tax-cuts_n_871840.html

...directly to the government to pay down the debt.

They can also always pay extra in taxes by voluntarily taking fewer deductions, and the federal government even takes credit card donations to the public debt.

It's wonderful that these "patriotic millionaires" want to pony up more - and they should, but they don't have to wait for higher tax rates to pass - they can do their part right now.

Increasing taxes on millionaires would make a dent.

So to just send in a voluntary check to the government would be a silly stunt that wouldn't actually accomplish anything.

they're trying to change policy.

I wish them the best of luck, cause most of our representatives sure as hell don't listen to us.

I am for raising taxes on the wealthy too, but if even 1/4 of the wealthy are liberal (and it's probably considerably more than that) who believe in more progressive taxation, there is absolutely no reason they should just lobby for higher taxes when they can do that AND contribute more right now.

Lets just say repealing the Bush tax cuts for the top 2% saves 80 billion a year (800 billion over 10 years) and we use that figure that 25% of the wealthy are liberal. If they voluntarily send in the tax cut they oppose it would bring in 20 billion to the US treasury per year while we fight for, at minimum, ending the Bush tax cuts for the rich. 20 billion is hardly a stunt and it WOULD accomplish something - and it would also give these people even more credibility. Heck, 20 billion is enough to restart the state aid packages for another year and save thousands of public sector jobs (mostly teachers).

I think that is kind of ridiculous. You can take the money and do things for people and communities, provide food, jobs, housing. But send a check to the government so they can send another soldier overseas?

I was prepared to do it for his whole term. Why not? The interest rate for savings is pathetic, so I would not be losing much.

But after he punted on the Bush tax cuts, I demanded it all back. A whole $1500, but every little bit helps, no?

One trouble would be, by voluntarily reducing the deficit, that would make the argument for ending the Bush tax cuts that much weaker. It would be better to donate that money to the Democratic Party to defeat a bunch of Republican tax cut liars.

"You can take the money and do things for people and communities, provide food, jobs, housing. But send a check to the government so they can send another soldier overseas?"

Well, you are making the Republican argument whether you realize it or not. Just swap out "send another soldier overseas" for "more wasteful welfare spending" and Paul Ryan himself could have made the same point. You either believe the wealthy should be paying higher rates or not.

All high income earners who believe they should be paying more in taxes can pony up right this minute. Period. There is no way around it. They can pay more right now AND campaign for the government to increase the legal tax rates. And they SHOULD, because then it would give their cause more credibility.

they can send a check to "Bureau of the Public Debt" which goes to pay down the national debt
or they can send it to "Gift to the United States" and it will go into the general fund.
I do this every year, that way when a right winger says, "If you feel taxes are to low you can give the govt more"
I can look them straight in the eye and say "I always do"

as long as they are getting these very low tax rates, why not create some American jobs? Open a new store, open a new factory, open a new restaurant.

This was argued back in the Reagan days when it was shown that the money saved from taxes was largely spent at Sotheby's on rare violins, paintings & shit like that, not on investments in new factories or anything remotely productive.

that they as wealthy people will create jobs with their 'extra' money? Maybe they aren't interested in yet another venture to manage/deal with, or any number of reasons. I'd rather they donated the money to charities to help those in dire situations than put up some business they aren't really interested in so when/if it fails or taxes go up they don't think 'ow well I employed people for 6months, a year, etc'. Any business they start could easily end up hurting already struggling small businesses who don't have millionaires backing them.

Policy changes are much more important than gestures, donating to the government, employing people as charity are nice but real change is what we need not token gestures that risk not being 'permanent'.

<img src="" title="Hosted by imgur.com" />

Message removed by moderator. Click here to review the message board rules.

vs nearly 535 millionaires in DC. I wish them all the luck in the world, but it ain't gonna happen..