A group of millionaires banned together on Wednesday to ask Congressional leaders to tax them more.
Two dozen wealthy Americans approached members of the deficit “Supercommittee” and begged to have their taxes increased.
Testifying at a congressional hearing in front of 13 members of Congress the millionaires expressed concern over the country’s fiscal health. Entrepreneur Charlie Fink, a resident of Washington, D.C. said that if the Bush tax cuts do not expire America “is digging itself a big hole by foregoing revenue.” Fink goes on to note:
“Without revenue, we will never solve the problem by giving tax cuts to the wealthy while supporting two foreign wars.”
After hearing from the group Rep. Clyburn told ABC News:
“It was a very refreshing conversation that restored my faith that there are people who, in spite of their financial successes, have not lost their compassion and sense of fair play.”
Speaking about the current state of the fiscal system millionaire Robert Johnson, a former chief economist of the U.S. Senate banking committee said the system isn’t “broken” but is “working on behalf of those who designed it in their favor.”
During a press conference Johnson said:
“America is no longer based on markets and capitalism, instead our economy is designed as ‘socialism for the rich’ – it is designed to ensure that the wealthiest people take all of the gains, while regular Americans cover any losses.”
Further explaining the system Johnson revealed:
“It’s a Las Vegas economy where regular Americans put their money on the table and the richest 1 percent own the house. And if the 1 percent happen to lose money, the 99 percent bails them out – covers their losses and then stands by watching while the house does it all over again.”
The members who attended the meeting were all part of the Patriotic Millionaires, a group that formed last November with 45 members who asked President Obama to let the Bush-era tax cuts to the rich expire.
In an open-letter on the groups website they state:
“For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled,” and “We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more.”
In the meantime the Bush-era tax cuts remain in effect, even as billionaires including Warren Buffett have repeatedly said the rich need to be taxed and loopholes in the tax code need to be closed.
Here’s a video of the group addressing the Congressional Committee:
Do you think taxes should be increased for America’s richest citizens?