Why Are These Wealthy Taxpayers Angry About Taxes?

Why Are These Wealthy Taxpayers Angry About Taxes?

Why Are These Wealthy Taxpayers Angry About Taxes?

By Alan Olsen

In most cases, when you hear about someone being angry about taxes, you automatically assume they think they’re paying too much. Nearly all taxpayers think they pay too much, no matter their income level. But for the most part, wealthy taxpayers tend to be the ones we hear about the most. That’s because high net worth individuals pay more taxes than everyone else. So it comes as somewhat of a surprise that several wealthy individuals are making news because they say their taxes are too low.

Wealthy Have Benefited

Many people consider the Tax Cut and Jobs Act (TCJA) to be just another tax cut for the wealthy. And to be certain, many large corporations and high net worth individuals have benefited from the TCJA. In most cases you’re not going to hear any of these companies or individuals complain about the additional money staying in their pockets. After all, the changes mean they’ll be saving hundreds of thousands of dollars, and in many cases, millions. Why would anyone complain about that?

Middle and Lower Class Not Seeing Enough

Well, it turns out that not all high net worth individuals are happy about getting more money and paying fewer taxes. And that’s not sitting well with most of the other people that fit into that income level. Most large companies and wealthy earners welcomed the TCJA with open arms. And they’ve already seen big results. But some, like Stephen Prince, who founded National Business Products, think the extra money should go to the government or to the middle class. According to Prince, the wealthy don’t pay enough and the middle and lower classes are not seeing any real difference from the TCJA.

Patriotic Millionaires

Prince is part of a “group” known as Patriotic Millionaires. The group is actually founded on the principle of higher taxes for wealthy individuals and businesses. One of their focuses is taxing capital income at a higher rate. The group has pushed for higher taxes and they endorse political candidates that want to raise tax rates, especially for the wealthy. Alexandria Ocasio-Cortez and Elizabeth Warren are two of the most visible lawmakers in Washington who want to pass a wealth tax.

Not-So-Happy Billionaires

But the so-called Patriotic Millionaires group has received some backlash from fellow millionaires and billionaires. Even some of other wealthy taxpayers that lean to the left have already rebuffed them, like former Starbucks boss, Howard Shultz and Michael Bloomberg, both of whom could be considering a run for the White House in 2020. Shultz called the proposal from Warren “ridiculous” while Bloomberg said the plan was “probably unconstitutional.” But that’s not stopping this group from pushing their cause.

Using the Extra Money for Good

Several members of the Patriotic Millionaires group want to change legislation. That means they plan to put their extra money to work by supporting politicians with progressive policies and ideas. Some say they’ll also donate the extra money to charitable causes, like feeding the hungry.

 

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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