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Al Lewis
April 9, 2010, 2:26 a.m. EDT · Recommend (7) · Post:
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By Al Lewis
NEW YORK (MarketWatch) -- As a millionaire, Jeffrey Hollender wants higher taxes for all millionaires.
"I grew up in Manhattan on Park Avenue in a 10-room apartment," he said. "My dad was the president of Grey International Advertising.
"At 17 years old, when I was starting my senior year in high school, feeling great tension and guilt about the affluence that I was growing up in, I left home, moved to California and lived in my car.
Financial advisers often become swamped with questions and concerns from clients during tax season. Annie Gasparro talks with Ameriprise executive Pat O'Connell about how advisers can take advantage of this time of year to grow their businesses.
"From that point in my life, I took care of myself and generated my own income."
Truly an amazing feat for any member of the Lucky Sperm Club--a "Fortunate Son," born on third-base, with a silver spoon in his face, and all of that. Yet he moved to California and lived in his car?
At least, he had a car.
Hollender, 55, is the founder of a $150 million natural home products company called 7th Generation, based in Burlington, Vt. His title there is "Chief Inspired Protagonist."
Since protagonist means chief actor, I don't know why Hollender also needs the word chief in his title. But this chief, chief actor, who calls himself inspired, was one of a handful of millionaires on a conference call with reporters this week, stomping for a repeal of the Bush tax cuts, which are destined to be repealed anyway, given the shape we're in.
Another was Mike Lapham, 47, whose great grandfather, Samuel Pruyn, founded a paper mill in Upstate New York in 1865. Lapham received quite a bit of paper when his family sold the business in 2007 and saved themselves a bundle, thanks to the Bush tax cuts. But Lapham thinks it is just not fair that he has to pay lower taxes.
Since 1996, he has been at a Boston-based activist group called "United for a Fair Economy," as the co-founder and director of the "Responsible Wealth" project. And he says that as if other kinds of wealth are simply irresponsible.
"These tax cuts were supposed to free up vast amounts of capital and to spur investment and create trickle-down economic growth," Lapham said. "As United for a Fair Economy and others have documented, tax cuts do not create jobs. But jobs continue to be used as an excuse to hand out tax cuts today."
Wait a minute. You can't say the Bush tax cuts didn't create jobs. What about all those jobs in China?
"Instead of economic growth, the tax cuts have added an additional $2.5 trillion to our mounting national debt now headed for $13 trillion," Lapham said.
Lapham and the other millionaires on the conference call have signed the "Responsible Wealth Tax Fairness Pledge," vowing to give at least some of their Bush tax-savings to organizations that oppose the Bush tax cuts, or work for social or economic justice.
Anyone who feels guilty about their tax bill can always go to the Web site of the Treasury Department and make a donation to help pay off the national debt. If only a few hundred million people donated about $42,000 each, we could pay it all off, no problem.
Appalachia is fast emerging as one of the planet's hottest energy plays, drawing big names and big money to a region of the country best known for coal mining. But now they're after natural gas.
12:47 p.m. Today12:47 p.m. April 9, 2010 | Comments: 5
- Steve2334 | 2:03 a.m. Today2:03 a.m. April 9, 2010
"Oil's moves leave traders scratching their heads http://on.mktw.net/cgGKoo" 7:19 a.m. EDT, April 9, 2010 from MktwSaefong
"Steve Kroft's goal: Grill Bernie Madoff http://on.mktw.net/cyQ9hb" 12:01 a.m. EDT, April 9, 2010 from JonMediaWeb
"U.S. subsidies lead to poverty and death http://on.mktw.net/aHzjPn" 11:25 p.m. EDT, April 8, 2010 from MktwKostigen
"Mark Hulbert: Junk has outperformed quality so far this year http://on.mktw.net/dz5YVy" 11:03 p.m. EDT, April 8, 2010 from MktwHulbert
"U.S. consumers are back to buying what they need: Once you enjoy a living standard above subsistence, determi... http://on.mktw.net/cBykFf" 5:55 p.m. EDT, April 8, 2010 from MKTWCoombes
Al's Emporium
Millionaires who want to pay higher taxes
Ethics Monitor
U.S. subsidies lead to poverty and death
Media Web
Steve Kroft's goal: Grill Bernie Madoff
On the Markets
Junk has outperformed quality so far this year
Commodities Corner
Oil's surge is the market's big surprise
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