If the idea of paying higher taxes scares you, don’t worry… you are not alone. Most people try to work every angle possible to lower their tax bill, but a surprisingly large number of people are currently in the process of actually requesting a higher tax bill.
There is a group called Patriotic Millionaires, made up of 220 millionaires that are doing the unthinkable, asking Congress to raise their taxes. The movement gained steam in reaction to Congress voting down the “Buffett Rule” earlier this year.
The “Buffett Rule” was proposed by President Obama last year, and would have imposed a tax rate of at least 30% on the nation's millionaires. The tax rate would only impact around 0.3% of American citizens, but has led to heated debate in Capitol Hill and during the recent presidential election.
As you may guess, Republicans are fiercely opposed to the 30% tax rate on millionaires, while the Democrats are generally in favor of the plan.
The group is gathering in Washington today, to meet with leaders from both sides of the aisle to discuss the future of the U.S.
No one is suggesting that raising taxes on the wealthy will solve all the nation’s problems. It would take a lot more than higher taxes on millionaires to turn things around, but it is encouraging to see a least one group of people willing to give back in order to help out.
Michael Fowlkes is a financial writer who has been with the Fresh Brewed Media family since 2004. Over the course of his tenure with Fresh Brewed Media, he has worn many hats, including portfolio manager, options analyst, and writer. Michael received his undergraduate degree from Virginia Tech in Accounting and got his start in finance working as a stock trader for six years at Chase Investment Counsel in Charlottesville, Va. His articles typically cover big-picture events and forecasting what impact they will have on the stock market. In addition to writing for Fresh Brewed Media, Michael also wrote for AOL's BloggingStocks for three years, focusing most of his attention on the energy and technology sectors.