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This is of no intellectual value for a few reasons... 1. There are millionaires who occupy every part of the political system. So it's not news that some wan

This is of no intellectual value for a few reasons... 1. There are millionaires who occupy every part of the political system. So it's not news that some want higher taxes and not relevant unless they can somehow prove they are in the majority of millionaires. 2. The argument against letting the tax cuts expire is that it will bring down tax revenue by causing us to slip back into a recession and shrink the entirety of the economy. These millionaires chose not to address or refute that point on their website. 3. As thrill pointed out these people could easily lower the national debt without a law. Simply buy treasury bonds and continue to invest that money and any profit made off that money into more treasury bonds. By doing so you're effectively giving the government money that goes directly to lowering the debt (since the treasury will reap the gains of the interest paid on the bonds rather than having to pay that money to another entity)

sokoloff 16y ago
How does #3 reduce the national debt? The debt includes the amount the government owes on those bonds. Private millionaires buying more of them provides liquidity to the government, but doesn't actually reduce its debt.
- TomOfTTB 16y ago
  The important point in my above post is "reinvest the profit" By doing so it acts as a continual no-interest loan. Which saves the Government on the interest they'd have to pay if they borrowed from someone seeking profit. (The easiest way to do this would just be to destroy them once you buy them so they could never be cashed out. It would still be listed as debt on the balance sheet but it would be debt that would never need to be repaid)
  - zdw 16y ago
    Assuming there's a record of them somewhere, they're still an outstanding debt. Imagine if the millionaire in question were to die and pass on property - these would be included unless extremely poor records were kept, which I doubt would happen in this modern age. Far better would be just to donate the money directly to the federal government, or to purchase property and donate it - in the past people have purchased land and donated it as nature preserves, etc... taking it out of circulation and, if popular, providing income if it becomes a popular destination or develops halo industries. For example, donate a lake = money made on fishing licenses, and taxes on sale of fishing gear.

sokoloff 16y ago

How does #3 reduce the national debt? The debt includes the amount the government owes on those bonds. Private millionaires buying more of them provides liquidity to the government, but doesn't actually reduce its debt.

TomOfTTB 16y ago
The important point in my above post is "reinvest the profit" By doing so it acts as a continual no-interest loan. Which saves the Government on the interest they'd have to pay if they borrowed from someone seeking profit. (The easiest way to do this would just be to destroy them once you buy them so they could never be cashed out. It would still be listed as debt on the balance sheet but it would be debt that would never need to be repaid)
- zdw 16y ago
  Assuming there's a record of them somewhere, they're still an outstanding debt. Imagine if the millionaire in question were to die and pass on property - these would be included unless extremely poor records were kept, which I doubt would happen in this modern age. Far better would be just to donate the money directly to the federal government, or to purchase property and donate it - in the past people have purchased land and donated it as nature preserves, etc... taking it out of circulation and, if popular, providing income if it becomes a popular destination or develops halo industries. For example, donate a lake = money made on fishing licenses, and taxes on sale of fishing gear.