Last December 2010, President Barack Obama extended the Bush administration tax cuts granted to millionaires ten years ago. While the wealthy few have saved millions, the cuts have contributed to nearly 50 percent of the total debt accrued–$2.6 trillion. Furthermore, the extension of the tax cuts will decrease revenue by another $423 billion between 2012 and 2021.
According to Huffington Post:
Paul Egerman isn’t certain how many millions he’s saved from the tax cuts.
“I do not know how much I’ve saved over 10 years but I’m sure it is several million dollars — probably in excess of $10 million,” said Egerman, founder of a medical transcription company called eScription.
Egerman is part of a gang of self-described Patriotic Millionaires who wish the federal government would help itself to more of their money to address its big budget deficits. Nearly 200 millionaires have signed a letter asking congressional Republicans to consider healing budget gaps with increased revenue — in particular, higher taxes on millionaires — instead of just reduced spending.
