Group of millionaires says they should be paying more taxes

Group of millionaires says they should be paying more taxes

NBC, (WILX) – As the Monday tax deadline approaches, some wealthy Americans worry they’re increasing the gap between rich and poor and think they should be paying more.

The IRS said it’s distributed more than $206 billion in refunds through March 29. That’s down from $212.3 billion last year.

Scott Nash, a millionaire with a passion for pinball, made his fortune building a grocery chain from an operation that began in his mother’s garage in 1987.

Mom’s Organic Market is now in five states and it’s among the corporations saving billions thanks to the Trump tax cuts.

Nash’s taxes are nearly $400,000 less than last year and he says he should be paying more, not less.

“I feel like as a patriotic man it’s my duty as an American to pay my my fair rate of taxes,” said Nash.

Nash is a part of a group of wealthy business owners called the “Patriotic Millionaires”, founded in 2010.

“When millionaires get a tax cut, the middle class pays,” said Morris Pearl, chair of the Patriotic Millionaires.

The Trump tax reform gave a permanent cut for high income earners and corporations to spur job creation, but many used those cuts for one-time bonuses and stock buy backs.

Others like Guy Berkebile, who owns Guy Chemical in rural Pennsylvania, says the tax cuts enabled him buy more equipment and raise some wages.

“We have laid the groundwork for growth, not only today, but also in the coming years,” said Berkebile.

Taxing the wealthy is likely to be a hot button issue on the 2020 campaign trail with many democrats calling to repeal the Trump tax cuts.

That position is supported by 46 percent of Americans.

“No country is going to have a safe, sustainable economy without a strong middle class,” said Nash.

With the top 1% holding 90% of the wealth, Nash says something has to change to close the growing income gap in America.

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