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Patriotic Millionares Storm Capital Hill: Tax Us More

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In Washington - a group calling themselves "Patriotic Millionaires," storming Capitol Hill with their message for the president and Congress: "tax us more, we can take it."

"We have the fastest growing rate of inequality in the developed world," said one.

They are in line with President Obama, who has vowed to raise taxes on the wealthiest Americans as part of a budget deal needed to avoid the looming crisis. The so-called "fiscal cliff" would force tax increases and deep budget cuts if there is no deal by December 31st.


"When it comes to the top two percent, what I am not going to do is extend a tax cut for folks who don't need it. That would cost close to a trillion dollars," said President Obama.

But House Speaker John Boehner has made it clear the wealthiest Americans should not see their taxes go up.

"I have outlined a framework for how both parties can work together to avert the fiscal cliff without raising tax rates," said Boehner.


The Patriotic Millionaires disagree with Speaker Boehner. They take issue with the Republican Party's argument that taxing wealthy job creators will lead to fewer jobs. T.J. Zlotnitsky is CEO of iControl Systems, a data management company.

"When I make a decision about whether or not I am going to hire people to help grow my business I make those decisions strictly on the basis of whether the company needs them, whether the customers demand them, whether doing so will grow the business. In terms of my own personal tax rates, that never factors in," he said.

The millionaires argue that over-burdening the middle-class with taxes to pay for the U.S. deficit would be far worse for the economy.

"It is especially important about the middle class. If you lose the middle class, you are losing customers. So a strong middle class that is helped by a fair tax system leads long-term to a healthy economy," said Frank Patitucci, CEO of NuCompass Mobility..

'Patriotic Millionaires' has more than 200 members across the United States, who work in the fields of finance, entertainment, and technology.






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