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Our Biggest Surprise From The "Patriotic Millionaires For More Taxes Initiative": Whitney Tilson Makes Over A $1,000,000

Tyler Durden's picture





 

When we read about the "Patriotic Millionaires" initative, in which anyone can submit a name and an email address, and indicate they make over a million dollars, while patriotically proclaiming their desire to be taxed more, our biggest surprise was not that nearly 400 Americans gave the IRS a carte blanche to go through their 2011 tax returns line by line, but that Whitney Tilson actually makes over a million per year. It appears the "Value" Investing Congress still has money left over after spending millions on R&D for uncovering revolutionary ways for its VIC conference invite (80% off, but only if you respond in the next 10 minutes) blast mail to pass through every single spam filter known to man (or so it would appear to disinterested 3rd parties who have tendonitis from hitting unsubscribe countless times). That said, we are confident all of these patriotic individuals will gladly submit at least an additional 10% of their gross income to the IRS, and provide proof of doing so, regardless of how successful their highly patriotic and altruistic campaign ends up being. Because otherwise those tempted to do so, may actually accuse said "millionaires" of hypocritical posturing. Incidentally, perhaps next said self-proclaimed millionaires, who count in their ranks such rich men as Nouriel Roubini, Leo Hindery, Mike Steinhardt, and Edie Falco can also disclose the liability side of their balance sheets.

 


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Mon, 08/15/2011 - 15:50 | Link to Comment LeBalance
LeBalance's picture

Allowing the thief to take more from your wallet does not address the issue.

Mon, 08/15/2011 - 15:55 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

I'd like to see you manage the world's greatest superpower. Our politicians were elected because they are the best leaders, and they know how to run a country. The congress has proven its ability to tackle difficult issues with decisive acts like the bipartisian compromise and the supercongress initiative. We need PROVEN experts to manage the country with the advice of top nobel-prize winning economists.

Mon, 08/15/2011 - 15:58 | Link to Comment KrugmansChauffeur
KrugmansChauffeur's picture

lol

Mon, 08/15/2011 - 17:45 | Link to Comment spiral_eyes
spiral_eyes's picture

what's wrong with prudent, intelligent and patriotic kenyans (wait don't i mean keynesians?) running the country? shouldn't we take the best and brightest from our universities to run our centrally planned democracy?

one problem. 

black swan clusterflock, bitchez

http://azizonomics.com/2011/08/15/why-qe-didnt-cause-hyperinflation-2/  

six sigma events happen every second... 

Mon, 08/15/2011 - 16:07 | Link to Comment FLIP THAT BOND
FLIP THAT BOND's picture

We're in so much debt that I just hope they're good enough leaders to borrow more money so we don't go bankrupt.  We should listen to Krugman's great advice of staging a pretend battle with aliens in order to boost GDP. Spend, spend, spend..it's the only answer.

Mon, 08/15/2011 - 16:12 | Link to Comment Kat
Kat's picture

Our politicians were elected because they were the dregs that ran.

Oh wait...LOL!!

Mon, 08/15/2011 - 16:29 | Link to Comment Eireann go Brach
Eireann go Brach's picture

"Our politicians were elected because they are the best leaders, and they know how to run a country". I knew you read ZH Timmay, now go fuck off!

Mon, 08/15/2011 - 17:48 | Link to Comment I am Jobe
I am Jobe's picture

Double LOL and put down that crack pipe will ya

Mon, 08/15/2011 - 18:02 | Link to Comment Ident 7777 economy
Ident 7777 economy's picture

by MillionDollarBonus_ on Mon, 08/15/2011 - 15:55 #1562746

I'd like to see you manage the world's greatest superpower. Our politicians were elected because they are the best leaders, and they know how to run a country. ...

- - - - - - - - - - -

Yeah, that was good. I needed a laugh today ...

 

Tnx

 

Mon, 08/15/2011 - 20:32 | Link to Comment Hyper Entropy
Hyper Entropy's picture

I'd like to see you manage the world's greatest superpower.

 

Open the white pages of any old phone book and put your finger on the page. I give you POTUS.

Mon, 08/15/2011 - 17:55 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Wake me up when the start writing checks to the United States Treasury...VOLUNTARILY

Mon, 08/15/2011 - 19:21 | Link to Comment sun tzu
sun tzu's picture

I always wonder why these sleazebags keep proclaiming they don't pay enough taxes. Why don't they just turn over all of their income to the IRS. Warren Buffett should instruct his CPA not to take any deductions. He can even instruct the Berkshire Hathaway accountants not to deduct any business expenses to his businesses can pay more taxes. The IRS does not force any person or business to deduct expenses against income. Anyone who thinks taxes are too low can send the IRS an extra check for the amount they think they should be paying.

Mon, 08/15/2011 - 15:50 | Link to Comment Robslob
Robslob's picture

Tiiping point coming to a theatre near you...

Mon, 08/15/2011 - 16:02 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

If these "Patriot Millionaire" fucknuts were REAL patriots, they would voluntarily donate THEIR OWN millions for disposal into the FedGov Money Hole™, instead of directing FedGov to confiscate MY hard-won $$$ for destruction by the Money Pit On The Potomac.

Shitbirds like this really chap my ass.

Mon, 08/15/2011 - 16:13 | Link to Comment Spitzers Black Socks
Spitzers Black Socks's picture

I would love to have a look at their tax returns to see exactly how "patriotic" they are when it comes to their own taxes.

Mon, 08/15/2011 - 15:51 | Link to Comment quintago
quintago's picture

Gives new meaning to self hating jew! JK, before you get your panties in a bunch...

Mon, 08/15/2011 - 15:51 | Link to Comment TheForgottenMan
Mon, 08/15/2011 - 15:52 | Link to Comment achmachat
achmachat's picture

so. totally. irrelevant.

watch this:

http://www.youtube.com/watch?v=661pi6K-8WQ

Mon, 08/15/2011 - 16:05 | Link to Comment Max Hunter
Max Hunter's picture

That was pretty good.. Hmmm.. so maybe.. just maybe... we have a spending problem...   I said maybe..

Mon, 08/15/2011 - 16:05 | Link to Comment countupir
countupir's picture

thx.  been looking for a breakdown like this

Mon, 08/15/2011 - 19:22 | Link to Comment Bobbyrib
Bobbyrib's picture

That was pretty pathetic. Yes, we need to cut spending, but to not start from the budget deficit and not include payroll taxes is a little dishonest. I guess when the middle class pays taxes it doesn't count.

Mon, 08/15/2011 - 15:52 | Link to Comment shushup
shushup's picture

Who is Whitney Tilson?

Mon, 08/15/2011 - 15:55 | Link to Comment plocequ1
plocequ1's picture

Some dame. 

Mon, 08/15/2011 - 17:19 | Link to Comment SilverRhino
SilverRhino's picture

Some wasted washed up has been singer trying to get you to pay more taxes.  

Mon, 08/15/2011 - 17:25 | Link to Comment nmewn
nmewn's picture

Another millionaire New Yawkah with more dollars than sense ;-)

Mon, 08/15/2011 - 20:33 | Link to Comment Hyper Entropy
Hyper Entropy's picture

She's married to Bobby Brown.

Mon, 08/15/2011 - 15:52 | Link to Comment plocequ1
plocequ1's picture

Who gives a fluck? As long as their interests dont conflict with mine.

Mon, 08/15/2011 - 15:55 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

It's not Whitney Tilson. There was a misprint.

It's Whitey Tilson. Sorry about that.

Mon, 08/15/2011 - 15:59 | Link to Comment fuu
fuu's picture

You too? Wow.

So long all.

Mon, 08/15/2011 - 16:26 | Link to Comment NotApplicable
NotApplicable's picture

Remember, the key to happiness is lowered expectations.

Mon, 08/15/2011 - 16:03 | Link to Comment RichardENixon
RichardENixon's picture

I remember him from "Leave it to Beaver"

Mon, 08/15/2011 - 20:34 | Link to Comment Hyper Entropy
Hyper Entropy's picture

Oh, so it's a man.

Mon, 08/15/2011 - 15:57 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

Who - or what - is Whitney Tilson? And shoud I care?

Is she that blond bimbo always on cnbc?  

Mon, 08/15/2011 - 15:58 | Link to Comment perchprism
perchprism's picture

He writes for the FT.

Mon, 08/15/2011 - 16:01 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

thanks - always thought "Whitney" was a female name....

Mon, 08/15/2011 - 16:06 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

It is.

Mon, 08/15/2011 - 16:03 | Link to Comment plocequ1
plocequ1's picture

 

Isnt she the one that sang that 80's tune,  How will i know?

 

Mon, 08/15/2011 - 16:06 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

Thats what I thought at first - maybe she marriied MIke Tyson, hence "Whitney Tyson"

Then again WTF do I know?

 

Mon, 08/15/2011 - 16:03 | Link to Comment Dr. Engali
Dr. Engali's picture

Hypocritical millionaires? Unheard of.

Mon, 08/15/2011 - 16:15 | Link to Comment cowdiddly
cowdiddly's picture

M1 and M2 increased 22% in six months now they are only $780,000 aires minus said 10%tax = 700K. Welcome to the middle class bitchez

Mon, 08/15/2011 - 16:10 | Link to Comment foxmuldar
foxmuldar's picture

Isn't it time Warren Buffett shuts the hell up. Did he rake in millions from the tax payer bailout of Goldman Sachs? I think Mr. Buffett has a guilty conscience.  Buffett has his nose so deep up Obama's ass its starting to turn brown.

Mon, 08/15/2011 - 16:47 | Link to Comment israhole
israhole's picture

lol, you got that right.

Mon, 08/15/2011 - 19:24 | Link to Comment sun tzu
sun tzu's picture

Buffett needs more taxpayer funding to bail out his insurance companies and banks. He also likes those government contracts that the Berkshire companies receive. The pigs get mad when you take away the gravy

Mon, 08/15/2011 - 16:12 | Link to Comment Insiderman
Insiderman's picture

BILLIONAIRES WON'T BE GIVING MOST OF THE MONEY but will reap oversize benefits in terms of retirement and medical benefits for their employees (large corporations) and a lower overall borrowing cost in the U.S.  The billionaires know that taxing down to $250k will also help depress their competition (small business). Perfectly rational, Mr. Buffett.

Mon, 08/15/2011 - 16:13 | Link to Comment foxmuldar
foxmuldar's picture

If I was 80 years old and had billions of dollars I'd never be able to spend, what better way to bring more attention to yourself then boasting I need to pay more taxes. Its us middle and lower income folks that are getting taxed to death. Buffett and his ilk won't miss a few Millions more. Screw all those self conceited bastards.

Mon, 08/15/2011 - 16:19 | Link to Comment kito
kito's picture

buffett is a real altruist and patriot. ten percent increase on his income is, um 0 dollars? that guy hasnt paid a capital gains tax since world war 1. his "salary" is 100,000 a year. he doesnt even qualify under the super rich tax plan.  

Mon, 08/15/2011 - 16:24 | Link to Comment Gromit
Gromit's picture

 
Nothing to stop them donating voluntarily to the US Treasury if they really believe this.

Mon, 08/15/2011 - 17:15 | Link to Comment MachoMan
MachoMan's picture

Winner winner chicken dinner.  This is the answer, literally, to every liberal blowhard (read: not necessarily affiliated with the democrat party).  Ok, if the state is so awesome and everyone should pay more taxes, lead by example.  I nail one of the guys in the office about this every time he opens his mouth...  "I wouldn't mind paying more taxes"...  well, apparently you do sir because you have a net worth...  when you figure out why you haven't yet written a check to uncle sam, you'll figure out why the premise of your altruism is total bullshit.

Aside from the fact that assholes wanting to be taxed more stinks like Bill Gross writing CYA letters bashing the administration or policies...  I'm pretty sure some track records are impossible to overcome.  The proof is in the pudding so to speak.  (as a practical matter, anyone who gets in your face and starts jawing probably doesn't plan on throwing a punch...  it's the assholes that just step up and swing that you have to worry about).

Mon, 08/15/2011 - 16:25 | Link to Comment stoverny
stoverny's picture

Warren Buffett:

"Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income"

 

TVBE - thinly veiled brag editorial

Mon, 08/15/2011 - 21:33 | Link to Comment At120
At120's picture

How 'bout we raise those capital gains taxes instead personal income tax?  I doubt you'll be writing editorials in the Times supporting that, but that's the ultimate way to screw the rich.

 

 

Mon, 08/15/2011 - 16:31 | Link to Comment Troublehoff
Troublehoff's picture

Well, this guy would be worth a hell of a lot less anyway without the FED having reinflated his assets al la monetary policy..

I'd have prefered he didnt pay any taxes and we had a sound money system instead

Mon, 08/15/2011 - 16:31 | Link to Comment Lucius Corneliu...
Lucius Cornelius Sulla's picture

I wonder how many Congresscritters are on the list.

Mon, 08/15/2011 - 16:45 | Link to Comment israhole
israhole's picture

"we are confident all of these patriotic individuals will gladly submit at least an additional 10% of their gross income to the IRS, and provide proof of doing so, regardless of how successful their highly patriotic and altruistic campaign ends up being. "- Tyler

 

That's right, put up or shut up!

Mon, 08/15/2011 - 16:50 | Link to Comment azzhatter
azzhatter's picture

Who is Whitney Tilson? Is that the chick that gave Hugh Grant head in the car? 

Mon, 08/15/2011 - 17:26 | Link to Comment Smokey1
Smokey1's picture

WEB eats shit.

Mon, 08/15/2011 - 17:47 | Link to Comment The Alarmist
The Alarmist's picture

The correct thing to do is to call these bastards on the "The Wealthy don't pay enough so we need to tax them more" bluff, since they are never actually talking about taxes on the wealthy, rather they are talking about income taxes that prevent the average joe who struggles to accumulate a little wealth from actually doing so.

OK, Mr. Buffett, each year, from now until you die you will give us 5% of your wealth.  When you die it will be 55%, whether it is sheltered in a trust or not.

That is how you make the "coddled" billionaires and millionaires pay their fair share.

Mon, 08/15/2011 - 18:42 | Link to Comment Jim B
Jim B's picture

Yes!!! I am certain Buffet "tax dodging hypocrite" will not send the check!

Mon, 08/15/2011 - 18:01 | Link to Comment ffart
ffart's picture


Title read as "Pathetic Millionaires For More Taxes Initiative": Whitney Tilson Takes Over A $1,000,000

Mon, 08/15/2011 - 18:02 | Link to Comment Rainman
Rainman's picture

It doesn't matter how much is given to the gubmint or by whom. It's already pissed away the day Timmay cashes the check. The credit card is the real problem. 

Mon, 08/15/2011 - 18:04 | Link to Comment Minge
Minge's picture

I guess these generous millionaires were unaware of the US TreasuryDirect program wherein they may feel free to donate as much money as they wish to reduce our nation's debt.  I've attached the link in case you know any of these folks.  Feel free to pass it along to them.

http://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm

I have to assume they just didn't know how to Google a way that they could contribute to the cause.  To believe otherwise would be to think they had an ulterior motive... or some kind of hypocricy...

Mon, 08/15/2011 - 21:37 | Link to Comment Ident 7777 economy
Ident 7777 economy's picture

US TreasuryDirect program; Love it.

 

Now, the question would be, does/would Buffet 'love it' ..

 

Mon, 08/15/2011 - 20:07 | Link to Comment JustPrintMoreDuh
JustPrintMoreDuh's picture

C'mon. It's not like prosperity via higher taxation hasn't worked numerous times in the past.

Mon, 08/15/2011 - 20:25 | Link to Comment wawawiwaa
wawawiwaa's picture

Instead of all this BS why don't they just send a bigger check on April 15th. Instead of creating web pages and needing recognition for being SO patriotic and all this nonesense just send a bigger CHECK!!! It is not like it's illegal. I don't get it.. Why do they need so much attention?

 

 

Mon, 08/15/2011 - 21:09 | Link to Comment Onohymagin
Onohymagin's picture

Probably a good time to nominate some worthy bankers, fill the details in for them, save them the bother.

Mon, 08/15/2011 - 21:22 | Link to Comment Pay Day Today
Pay Day Today's picture

The country has up to 2000 billionaires, and the vast majority don't care in the slightest about this initiative because they make money from having a Federal Government deregulating, in debt and disabled.

Tue, 08/16/2011 - 03:43 | Link to Comment StychoKiller
StychoKiller's picture

I beg to differ re: deregulating; most large corporations help write the regulations IN THEIR FAVOR, thus tilting the playing field!

Tue, 08/16/2011 - 03:48 | Link to Comment Pay Day Today
Pay Day Today's picture

That makes sense; I wondered why Free Trade Agreements are usually thousands of pages long instead of just one sided letter double spaced.

Mon, 08/15/2011 - 21:34 | Link to Comment Species8472
Species8472's picture

You would think it would be obvious, but the thing to do to make things fair is to lower my taxes, not raise theirs.

Tue, 08/16/2011 - 01:58 | Link to Comment Flatchestynerdette
Flatchestynerdette's picture

I thought that sounded kinda "hail to the Fed gov't", propaganda crap. Glad to see someone else's opinion calling it like it is, which means I'm not going crazy alone.

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