Over 200 Well to do Americans Sign Petition to Pay More Taxes

Obverse of rare 1934 $500 Federal Reserve Bill

featuring a portrait of President William Mckinley

They call themselves the Patriotic Millionaires. Over 200 of them have signed a petition sent to the President and leaders of Congress in they are requesting our government to raise their taxes to improve the declining fiscal health of our country.

In 1963, the marginal tax rate of millionaires stood at 91%. Today the rate has fallen to 35%.

At the end of this year, the income tax rate for those earning more than $250,000 will rise. The capital gains rate will return to pre-Bush II levels and the estate tax will phase in.

Thusfar the petition has received no response from Congress; this is no surprise as 44% of our lawmakers are millionaires.

To hear a National Public Radio story on this issue click here.

Just a few hours ago, the Huffington Post published an online story about what these patriotic millionaires are doing with the millions the Bush Tax cuts have stashed in their accounts--virtually nothing to stimulate the economy. Indeed, they are implying that the Reagen slogan of 'trickle down economics' is a myth.

Photo (1) courtesy of Wikipedia