"Patriotic Millionaires" Join Warren Buffett in Calling for Increase in Their Taxes
On the campaign trail and in the halls of Congress, tax cuts and tax reform provide constant political fodder. But along with Warren Buffett and Ben Stein, there may be more wealthy Americans stepping forward to ask for tax increases.
Jenna spoke to one such "Patriotic Millionaire,"
Leo Hindrey, who is part of a group that advocates a repeal of the Bush tax cuts for those making more than $1 million annually. Hindrey, the CEO of Intermedia Partners, said the premise of the U.S. tax system is on progressive taxation - meaning those who earn more, pay more - and that since 1986, lawmakers have taken action to specifically enrich the wealthy, which has resulted in wealthy individuals paying a lower tax rate than the general population.
Hindrey added that with 29.2 million men and women unemployed in this country, "we have a moral as well as an economic obligation to resuscitate this economy."
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