Thursday, August 25, 2011

Thom Hartmann: Not all Billionaires are Created Equal

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Maybe we should take a tip from France. The French government just introduced a new debt reduction package that includes a 3% income tax increase on people making more than $720,000 a year. But no one is screaming about class warfare in France today - that's because it was the millionaires and billionaires themselves who asked for the tax increase. In an open letter - some of the wealthiest people in France wrote, "We, the presidents and leaders of industry, businessmen and women, bankers and wealthy citizens would like the richest people to have to pay a 'special contribution'."

The letter goes on to say, "When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute." As in - they realize there's not much quality of life in being rich while living in a poor country - a sentiment that most billionaires here in America don't appear to understand.

I guess it IS true - not all billionaires are created equal.


(Why don't more American billionaires call for tax increases? Tell us here.)

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