It’s been nine months since CTUP crashed a news conference on Capitol Hill where a group of “Patriotic Millionaires” called for a 90 percent top tax rate.
When we suggested that these “patriots” voluntarily pay the higher tax rates the group was proposing. They indignantly declined. Their hypocrisy was exposed for all to see: they want other people to pay taxes, but not themselves.
So we broke out in laughter when these same “Patriotic Millionaires” resurfaced last week at the World Economic Forum in Davos. In an open letter, the group issued a demand to Davos delegates:
“When will you tax extreme wealth? Not only do we want to be taxed more but we believe we must be taxed more.”
Not only are they hypocrites, they’re factually wrong.
In the United States, the richest 1% of taxpayers paid 42% of all federal individual income taxes in 2020. The top 5% percent of income-earners paid 63% of income taxes.
The best way to get more tax revenues from the rich is through pro-growth policies that create more rich people.