Rich demand higher taxes … on themselves
There’s a challenging organisation in the USA called the “Patriotic Millionaires” featured on the AFLCIO blog this week. They’re a bunch of software designers, movie makers, financial gurus and entrepreneurs who either currently earn over $1m a year, or who have done in the past. They want Congress – 44% of whose members are millionaires – to scrap tax breaks for the very wealthy, because “reducing the income tax on top earners is one of the most inefficient ways to grow the economy”. Apart from making you think “only in America”, this is surely one of the most refreshing messages ever to come from a bunch of rich people. And in dignified contrast to the usual “snouts in the trough” mentality.