Author Topic: NJ Millionaires argue for higher taxes (can't they just voluntarily give it?)  (Read 849 times)

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Offline The Village Idiot

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They want to tax everyone, not just themselves of course.


http://www.northjersey.com/news/non-profit/non-profit_news/90591504_This_millionaire_welcomes_higher_taxes.html

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Almost a decade ago, Eric Schoenberg of Franklin Lakes decided that the Bush tax cuts were a bad idea — even though as a partner in the Fort Lee investment bank Broadview International and the heir to his father’s fortune he stood to benefit personally from them. So, Schoenberg said, he started donating the money he saved through the tax cuts to charity. In fact, he said that over the past four years alone he’s given away more than $200,000.

"My fundamental argument is that what’s in my best long-term self-interest is that we have a well-functioning society," said Schoenberg, who left the investment business in 2003 to earn a doctorate in psychology from Columbia University. "I have two daughters, 14 and 16, and I believe it’s more important for them that they grow up in a society that works for everybody than that they have anything I could buy for them."

Last week he was joined by several dozen other wealthy individuals who helped the Responsible Wealth Network relaunch its Tax Fairness Pledge campaign, promising to give their tax savings to groups that favor a more progressive tax structure. The tax cuts enacted by the Bush administration are set to expire this year unless they’re extended by Congress. The Obama administration and the Congressional Democratic majority generally support letting them die, except for taxpayers who earn between $200,000 and $250,000 annually.

"The core idea is that we do not believe the tax cuts are appropriate and we do not want to keep the money they put in our pockets," Schoenberg said. "We’re committed to giving that money away to organizations working to correct those problems with the tax laws and also to organizations that have suffered as a result of the cuts." Schoenberg serves as associate director of the Center for Decision Sciences at Columbia Business School, where he’s also an adjunct professor of behavioral economics.

His studies in that area have only reinforced his feelings, he added. Schoenberg said the strongest argument for keeping the tax cuts in place is that they spur people to work harder. Conservative financial theory, he noted, says that cutting taxes encourages people to work harder for selfish reasons, which generates more productivity and ultimately more tax revenue. But his research, he said, shows that "humans overestimate the impact of selfishness on behavior."
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