Coincidently, we had to cut our interview with millionaire Leo Hindery short today to go to commercial break (i.e. pay our bills). Hindery, the managing partner of InterMedia Partners, was telling us why he thinks the government should raise taxes on him and others making more than a million dollars per year.
During the interview, he explained that the U.S. tax system is based on the theory of progressive taxation - if you may more, you pay more. In practice, it doesn't work out that way.
Here's the part Hindery didn't get to say:
is it that at the end of my career, just because I am now wealthy, I am paying
a lesser rate of tax than at its start and that roughly 97% of taxpayers
currently pay. This is immoral, and very bad tax and economic policy."
During the interview Jenna Lee asked Hindrey why he doesn't just start another business instead of giving his money to the government. He said there needs to be a bigger fix. Healthy economies depend on healthy middle classes.
What do you think? Should the Patriotic Millionaires for Fiscal Strength do what they do best - start new businesses - to help the economy? Or is their money better used by the tax man?