Wealthy Say, 'No, Thanks' to Tax Cuts

[liveoaktx]

http://releases.usnewswire.com/GetRelease.asp?id=152-04062005&site=rss

BOSTON, April 6 /U.S. Newswire/ -- A group of wealthy Americans today announced that they would turn down their share of the $69 billion in tax cuts that went to the wealthy in 2004, and they called on other wealthy people to redirect their federal tax breaks to support fairer taxes through a campaign called the Responsible Tax Pledge.

"It's obscene that Washington is handing out tax breaks to millionaires with one hand and shredding the safety net with the other," said Marta Drury, Responsible Wealth member. "I want it to stop, so I'm calculating my 2004 tax cut and donating it to organizations fighting for responsible, fair and adequate taxes. I don't believe that people like me with incomes over $200,000 need $69 billion in tax cuts."

According to data from the Tax Policy Center, taxpayers who made more than $1 million received an average federal income tax break of $123,592 in 2004. This compares to $383, the average tax break in 2004 for the two-thirds of taxpayers who make less than $50,000 per year.

For the wealthy individuals who have taken the pledge this year, the average estimated tax break in 2004 was $20,000. For several, the tax break was more than $100,000.

Based on data from the Tax Policy Center, Responsible Wealth calculates that the total of tax breaks to those who made more than $200,000 in 2004 was $69 billion.

"The next time a politician says we can't afford to fund something you care about, ask yourself if $69 billion per year would help," said Scott Klinger, co-director of Responsible Wealth. "When you hear that the only choices we have are to cut budgets, increase the deficit or increase your taxes, remember that $69 billion in tax breaks went to people who made more than $200,000 last year."

..... website link in this URL

[aquart]

1. Some people had excellent mothers.

I'm very proud of them.

[FreedomAngel82]

13. Wow

Very nice. If only other's were like them. I'm sure the Texas buddies of Bush wouldn't do that though. I remember reading some wealthy guy in Texas was urging Bush to stop his tax cuts. Did anybody ever hear about this?

[Tux]

2. At least

Some see that wasting money to provide welfare for millionaires is a bad idea.

Now maybe they can cut CEOs pay, increase workers' pay and benefits, we'd have a real economy.

[RoyGBiv]

3. Wow ...

People with brains. Good on 'em.

[boneygrey]

4. Donate to the Treasury

"I want it to stop, so I'm calculating my 2004 tax cut and donating it to organizations fighting for responsible, fair and adequate taxes. I don't believe that people like me with incomes over $200,000 need $69 billion in tax cuts."

If he's serious, cut a check to the Treasury. More bang for the buck.

[katsy]

10. bush will spend it on corporate tax cuts...

if that $ is sent to the treasury.

This is one smart group. They want to help repeal the tax cuts.

[boneygrey]

11. Yeah, donate the money to a group who

will take their cut for you know, ovehead, admin costs, etc. The strongest statement is to give it to the Treasury and make a media event out of it. As I said, more bang for the buck.

[lukasahero]

16. Seems to me they already made a media event out of it

or else we wouldn't be reading about it. Sorry but no way should they give the money to the treasury for shrub to squander. We NEED tax reform and we need to put a stop to the truly wealthiest individuals and corporations further cheating their way out of paying anything. The best "bang for the buck" is to use this money to achieve actual reform and police the tax cheats, not simply create a media event.

[pilgrimsoul]

5. Wow - these folks are true patriots

Glad to see that not all wealthy Americans suffer from "Leona Helmsley Syndrome." So many rich people in this country seem to have little or no social conscience. It's such a simple concept: those who benefit the most from living in this country should pay the most. It's the right thing to do.

[johnaries]

6. Some people are smart enough to "get it"

We have a Consumer based economy. We need "ground up" economics not "trickle down".

[applegrove]

7. These people are under my tent. The wealthy are people too. And

many are proud to pay taxes. Good for these people. For taking a stand. Families like the Bush one are not respected in their own circles. They are just considered bullies and end up picking up a cabal of like-minded users and creeps.

Human beings are empathetic. That is why - despite their considerable talent - the evil ones do not often rule.

Thank god.

The measure of a man/woman ... is in the content of their heart.

[FreedomAngel82]

14. I agree

I think there are a lot of wealthy people who worked hard to get where they are now and understand how it is. I'm glad to have people like them in our country. God bless them indeed.

[Yupster]

8. Good news, but

boy are we in a ditch.

We have a budget defecit of $ 660 billion. If every rich person gave back their tax cut that would close 10 % of the gap. Ouch.

[drhilarius]

9. People like these restore my faith in humanity. nt

[spindoctor]

12. That's incredible

I would make a donation to this Responsible Wealth group, but somehow that doesn't make much sense.

Maybe I could make a withdraw from them to show my support?

[Oeditpus Rex]

15. Hmmm... reminds me of a song

Well, that "Earth Goddess" program on Channel 3 went national
Iran and Iraq became one country called Irrational
Every commuter in greater Los Angeles learned how to ride the bus
And the rich folks said, "Please tax the shit out of us."

The Foremen — Hell Froze Over Today