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.
We hope you found this article about “Why Are These Wealthy Taxpayers Angry About Taxes?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
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
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Why Are the Ultra-Wealthy So Good at Avoiding Taxes?
While many in the media, as well many lawmakers on the left, would have you believe that the nation’s wealthiest individuals are really good at skipping out on their taxes and that they don’t pay their fair share, the fact is, in most cases, that’s not true. Yes, it is true that many of he…
Why Aren’t People Spending Their Tax Refunds?
Economists, politicians and people in general like to discuss the nation’s economy and where it stands at any given moment. There are many different points that are touched on and several aspects that are used as evidence to make important points. However, one indicator of the economy’s health that can never really be argued is…
Tax Exemption Legislation Could Be Good News for Political Donors
The Republican lead Congress recently passed some new legislation – without garnering much attention at all – that could be a big boon for major donors of political organizations and groups. The bill could protect big donors from having to pay gift taxes on their large donations to these political groups. The bill, which is…
To Extend or Not to Extend, That Is the Question?
Have you looked at your calendar yet today? Have you noticed that April 15 has already come and gone? Of course, it’s pretty hard to miss tax day, but some people actually do. So should you file an extension now if you didn’t make it on time? Some people believe filing an extension is a…