What millionaires are doing with the money they save from tax cuts.....
(Hint: It's not creating jobs.)
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.
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."
Dal LaMagna, founder of Tweezerman, said he used his extra money to help the local economy in by adding stuff to his house in the Pacific Northwest.
"I just started creating jobs myself. I built a dance floor in my house -- which I really didn't need," LaMagna said, adding that he also put in a parking lot. "I just became a Dal LaMagna economic stimulus package in Poulsbo, Washington."
'Patriotic Millionaires' Describe What They've Done With Their Bush Tax Cuts: 'I Built A Dance Floor In My House'
Read more about who the "Patriotic Millionaires" are and what they want.....interesting group - and refreshing.
Patriotic Millionaires For Fiscal Strength
Re: "Patriotic Millionaires"
Of course there is a line on the 1040 form for those who want to pay additional taxes. If he felt that strongly about it he should have paid the higher rates he is decrying yet used himself.
Re: "Patriotic Millionaires"
It just goes to the multiplier principle of economics. Granted, this might not be what most millionaires did with their tax cuts, but if more cuts were given to the middle class you wouldn't be reading this type of story. The multiplier effect generates a long line of payments. Think of an enormous full tree with branches sprouting in all directions. That would be the middle class multiplier effect. Tax cuts to the rich would be a PVC pipe with a T.
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