Producer and entrepreneur Charlie Fink and two dozen other members of the Patriotic Millionaires for Fiscal Strength lobbied members of the super committee to increase their tax rates. (PatrioticMillionaires.org)
Two dozen wealthy members of the group Patriotic Millionaires for Fiscal Strength are targeting members of the deficit “supercommittee” to increase their taxes.
Entrepreneur and producer Charlie Fink, said he and other Patriotic Millionaires testified in a congressional hearing and visited the offices of 13 members of Congress on Wednesday, seven of whom are members of the supercommittee, to express their concern for the country’s fiscal health.
Fink, who lives in Washington, D.C., said if the Bush tax cuts do not expire, the country “is digging itself a big hole by foregoing revenue.”
“Without revenue, we will never solve the problem by giving tax cuts to the wealthy while supporting two foreign wars,” Fink, a former AOL executive, said.
The group visited the offices of legislators in both parties, including Senators John Kyl, R-AZ, and Pat Toomey, R-Pa., and Reps. Nancy Pelosi, D-Calif., minority leader, Xavier Becerra, D-Calif., and Jim Clyburn, D-S.C., assistant democratic leader.
“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,” Rep. Clyburn told ABC News after meeting the group.
The supercommittee has stalled on how to trim over $1 trillion from the budget.
Patriotic Millionaire Robert Johnson, former chief economist of the U.S Senate banking committee, said that the current economic system is not broken, but it is “working on behalf of those who designed it in their favor.”
“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,” he said at a press conference this afternoon in Washington, D.C.
“It’s a Las Vegas economy where regular Americans put their money on the table and the richest 1 percent own the house,” he said. “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.”
Last November, the Patriotic Millionaires launched with 45 signatories who sent a letter to President Obama asking him to allow the Bush-era tax cuts to expire at the end of last year. The petition was signed by the Grammy Award-nominated DJ, MOBY, as well as Jerry Cohen of Ben-and-Jerry’s-Ice-Cream fame.
The Patriotic Millionaires for Fiscal Strength wrote a 155-word letter saying they hope their taxes will increase. Its text is posted at FiscalStrength.com.
The message of the group has remained the same.
“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,” the group’s website states. “We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more.”
Other Patriotic Millionaires who participated on Wednesday were Lawrence Benenson, executive vice president of Benenson Capital Co., David desJardins, former Google software engineer, Guy Saperstein, civil rights attorney, and Eric Schoenberg, former managing director of Broadview International.
A group of millionaires visits Capitol Hill to ask lawmakers for a tax hike to help cut deficits.
WASHINGTON (CNNMoney) — A group of two dozen millionaires stormed Capitol Hill on Wednesday, demanding lawmakers raise their taxes.
“We want to pay more taxes,” said California millionaire Doug Edwards, a former marketing director for Google (GOOG, Fortune 500). “If you’re fortunate, and you make more than a million dollars a year, you ought to pay more taxes.”
The millionaires want Congress to allow the tax cuts passed during the George W. Bush administration to expire. Some want higher taxes generally.
They planned to push lawmakers to reject any deal that the so-called super committee delivers that doesn’t raise taxes on millionaires. The 12-lawmaker panel has until next Wednesday to agree on $1.2 trillion in savings over the next 10 years or risk automatic spending cuts.
“If the super committee bill doesn’t raise our taxes, we will ask our fellow citizens to consider killing the bill,” said Eric Schoenberg of Franklin Lakes, N.J., an adjunct professor of marketing at Columbia Business School.
They planned to take their message to members of the super committee, Tea Party Republicans including Rep. Louie Gohmert of Texas and Rep. Tom Price of Georgia, and even anti-tax champion Grover Norquist.
The group was formed a year ago to push for expiration of the Bush tax cuts, and includes several current and former Google employees. Some of the better-known millionaires in the group include economist Nouriel Roubini, and a few celebrities, such as “The Sopranos” star Edie Falco and filmmaker Abigail Disney, who didn’t make the trip to Washington.
Five different members declined to say what their annual income is, only acknowledging that they could be called millionaires.
Massachusetts millionaire Farhad Ebrahimi, a 33-year-old philanthropist who inherited his money from his software entrepreneur father, said he also supports the so-called “Buffett rule” that would require millionaires to pay a higher percentage of their income in federal taxes than those who make less than a million a year. The rule is named for the measure’s chief supporter, Berkshire Hathaway (BRKA, Fortune 500) chairman Warren Buffett.
But he said the first thing on the group’s bucket list is convincing Congress to allow Bush tax cuts to expire for the wealthy.
“What we’re all here today representing is to request the Bush tax cuts be allowed to expire — that’s simply the bare minimum,” said Ebrahimi, who has also participated in protests in the Occupy Boston movement.
California venture capitalist Garrett Gruener, founder of Ask.com, told left-leaning House members on the Progressive Caucus said he doesn’t buy the argument that hiking the tax rates for the wealthy and forcing them to pay more in taxes would stymie business growth.
“Not once have any of my personal investment decisions been a function of marginal tax rates,” Gruener said. “We just don’t think about it.”
Jeffrey Brown talks to Patriotic Millionaire Garrett Gruener, founder of Ask.com
Wealth for the Common Good founder Chuck Collins recently did a TED Talk on ‘Taxing the Wealthy’ which has just been published.
A group of about two dozen Patriotic Millionaires stormed Capitol Hill on Wednesday to ask lawmakers for their taxes to be raised. They lobbied for the Bush tax cuts for the wealthy to expire and any deal the so-called super committee settles on includes the raising of taxes on millionaires like themselves.
They visited members in their offices and testified in a congressional hearing.
A group of wealthy young Americans starts a social-media campaign in support of Occupy Wall Street. Its message: Tax us! But some analysts are skeptical.
In this Sept. 30 file photo, members of Local 100 of the Transport Workers Union enter Zuccotti Park in support of the Wall Street protesters in New York. For more than a month, protesters thronging city squares nationwide have aimed their anger at the richest 1 percent of Americans. Now, a group purporting to represent 1 percenters is telling protesters: We’re with you.
For more than a month, protesters thronging city squares nationwide have aimed their anger at the richest 1 percent of Americans. Now, a group purporting to represent 1 percenters is telling protesters: We’re with you.
Just as billionaire investor Mr. Buffett implored President Obama to raise his taxes, an organization of wealthy young Americans called Resource Generation is hitting social media networks with the same message.
“We believe that we have more than we need, while the 99 percent struggles to survive. This has to change. We believe in an equitable distribution of wealth,” says a mission statement at the group’s website.
On one hand, efforts like those of Resource Generation could help take the “class warfare” edge off the Occupy protests. Video testimonials on the website show earnest young Americans echoing Buffett’s sentiments.
“I need government to help redistribute my wealth,” says a man in a T-shirt. “Tax me! I am the 1 percent. I stand with the 99 percent.”
But because the testimonies are anonymous, some analysts are wary.
“Unless I see names and phone numbers and actual tax returns, I have to be more than a little skeptical,” says Lara Brown, a political scientist at Villanova University in Pennsylvania and author of “Jockeying for the American Presidency.” “Consider how many people post extravagant blogs anonymously but when asked to put their name on it, suddenly behave differently.”
Moreover, a website does not a social movement make, adds Steven Schier, a political scientist at Carleton College in Northfield, Minn.
“This group does exist, but its resources beyond a Web presence have yet to be demonstrated,” he says. “Those resources are essential if the group is to have a considerable and lasting presence in the national agenda.”
“The tea party, for example, was able to call on thousands of activists for large public demonstrations,” he continues. “This movement is going to have to demonstrate similar resources over many months for it to have an effect on the national agenda.”
So far, Resource Generation has teamed up with Wealth for the Common Good – a network of business leaders that promotes fair taxation – and that represents a good start, says the group’s cofounder.
The anonymity of the 1 percent website is based on the spirit of the Occupy websites, which include comments from supporters, says Chuck Collins, cofounder of Wealth for the Common Good.
“People don’t disclose their tax returns – that is a frivolous objection, I’m sorry to say,” says Mr. Collins. “We don’t ask people to financially disclose as a requirement for speaking out – nor does any other advocacy group in America.”
Some analysts see room for solidarity among the 1 percent and the 99 percent.
“The groundswell of people occupying public spaces and speaking out via online and mobile media is striking evidence that neither the 99 percent nor the 1 percent believe their government is working in the way it should,” says Gordon Coonfield, a professor of communication at Villanova.
But he, too, admits that he is intrigued by the notion of rich Americans crying out to be taxed.
“I would want to talk to people who are putting out the message that they want to be taxed,” says Professor Coonfield. “That’s a man bites dog story if I’ve ever heard of one.”
If true, it could have an impact on how the Occupy movement is perceived.
“When [Warren] Buffett came out and said he wants to be taxed more, people giggled and thought it might be some kind of ploy,” says Barbara O’Connor, director emeritus of the Institute for Study of Politics and Media at California State University, Sacramento. “This is evidence that the idea has gone further than that and is starting to get some traction.”
While members of the so-called 99% take part in Occupy Wall Street protests, a new website lets some of the wealthy 1% declare their support for the movement.
“When I was 18 my father won $9 million in the California lottery,” one man posted on the site, along with a photo of him holding his message written on two pieces of paper.
“With that money I now have no college debt,” he wrote. “When my father dies I will inherit a 3rd of his money. I am committed to using it to help those less fortunate. Due to sheer luck, I am the 1%. I stand with the 99%.”
The posts contain no names, but similarly show people holding up handwritten notes on paper, index cards or cardboard explaining why they back the movement. There is a link to aYouTube video of singer Willie Nelson backing the protests.
Organizers of the site identified two of the people with posts on the site. One was Carl Schweser, who created a study program that now is part of Kaplan Schweser, a company that helps people prepare for financial exams.
“I made millions studying the math of mortgages and bonds and helping bankers pass the Chartered Financial Analyst Exam,” Schweser wrote.
“It isn’t fair that I have retired in comfort after a career working with financial instruments while people who worked as nurses, teachers, soldiers, etc. are worried about paying for their future, their healthcare and their children’s educations.”
“They are the backbone of this country that allowed me to succeed,” he continued. “I am willing to pay more taxes so that everyone can look forward to a secure future like I do. I am the 1%. I stand with the 99%. (Which equals 100% of America.) Tax me.”
Many of the posts are from children of wealthy parents or people who have inherited money.
“Being born to the right family at the right time made me a millionaire,” one man wrote. “Giving most of the money away made me happy.”
The site was created by two organizations: Resource Generation, which organizes wealthy young people to work for social change, and Wealth for the Common Good, a group of wealthy people and business executives who advocate for what they call fair taxation, such as higher tax rates on millionaires.
The groups said they were inspired by the “We are the 99 percent” blog, which posts similar declarations from people participating in the Occupy protests.
“Those of us with more than we need and who believe in a more just distribution of resources can stand up and tell the truth about how the deck has been stacked in our favor,” said Elspeth Gilmore, co-director of Resource Generation. “We need to say that we think it’s wrong, too.”
FOR IMMEDIATE RELEASE – Tuesday, November 1, 2011
Contact: Lacy MacAuley, Institute for Policy Studies; (202) 445-4692 mobile; lacy@ips-dc.org
Chuck Collins, Institute for Policy Studies; (617) 308-4433; chuckcollins7@mac.com
Wealthy People Show Support for Protests with new website: “We are the 1 percent. We stand with the 99 percent.”
Washington DC – Resource Generation and Wealth for Common Good today announced a new website for wealthy peopleto show their support for the Occupy movement. Already over 100 members of “the 1 percent,” including young entrepreneurs, business owners and wealthy individuals, have posted their support on the new website “We are the 1 percent. We stand with the 99 percent.” (http://westandwiththe99percent.tumblr.com/)
“Those of us with more than we need and who believe in a more just distribution of resources can stand up and tell the truth about how the deck has been stacked in our favor. We need to say that we think it’s wrong too,” said Elspeth Gilmore, co-director of Resource Generation. “Just as the 99 percent has been a powerful rallying cry, the 1 percent has come to represent those who hold the majority of this country’s resources and have created—and benefited from—the financial and economic crises we now face. One hundred percent of us need a different world.”
Organizers were inspired by the “We are the 99 percent” blog that has been collecting the Occupy movement protester’s stories, and launched the parallel site We are the 1 percent, We stand with the 99 percent for wealthy people to join in, lend their voices and stand in solidarity with the protesters’ messages of challenging economic inequality and raising taxes on the wealthy.
Carl Schweser, founder of Schweser Study Program for the CFA (now called Kaplan Schweser), posted: “I made millions studying the math of mortgages and bonds and helping bankers pass the Chartered Financial Analyst Exam. It isn’t fair that I have retired in comfort after a career working with financial instruments while people who worked as nurses, teachers, soldiers, etc. are worried about paying for their future, their healthcare, and their children’s educations. They are the backbone of this country that allowed me to succeed. I am willing to pay more taxes so that everyone can look forward to a secure future like I do. I am the 1%. I stand with the 99%. (Which equals 100% of America.) Tax me.”
Farhad Ebrahimi, who has been involved in Occupy Boston says, “I have inherited an amount of money that is much more than I need. I AM THE 1%. My taxes are at a historical low, and the influence of money on our government is at a historical high. These are not good things! So what am I doing about it? (1) I am donating the vast majority of my money to social change organizations. (2) I am personally advocating for the repair of our broken system. I STAND WITH THE 99%. I am part of Occupy Boston. My money gives me no special influence here. That’s the way it should be.”
“When so many are struggling – to access healthcare, pay back their student loans, and make ends meet – the 1 percent has more than enough. Our networks include thousands of wealthy people who recognize our economy is out of balance and that wealthy people should pay more for the common good. It’s in the self-interest of the 1 percent to have a society that works all of us, and we anticipate many more will join us,” said Alison Goldberg, Coordinator of Wealth for Common Good.
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Resource Generation organizes young people with wealth to leverage resources and privilege for social change and is a co-sponsor of the site along with Wealth for Common Good, a network of wealthy individuals and business leaders speaking out for fair taxation.
A group of millionaires visits Capitol Hill to ask lawmakers for a tax hike to help cut deficits.
