A community of 30,000 US Transcriptionist serving Medical Transcription Industry

How do MT millionaires spend their tax breaks?


Posted: Jun 10, 2011

Paul Egerman, founder of eScription, doesn't know how many millions he has saved from the Bush tax cuts, but it may be more than $10 million. When asked what he has done with all that cash, he said "I have kept it. I haven't done anything with that money." http://www.huffingtonpost.com/2011/06/06/patriotic-millionaires-bush-tax-cuts_n_871840.html;

tax - umad

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Who was responsible for writing the tax codes in order to give this guy all this extra money?

The problem goes quite a bit deeper than Bush tax cuts. These guys have gotten off for YEARS.

Absolutely! - Zville MT

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It's not the tax cuts that are the problem, it's the tax code. Millionaires and billionaires will just use the same loopholes they've used for years if taxes are hiked. The tax code needs to be fixed because even if every "rich" person paid their "fair share," it still wouldn't be enough. Who's next? Considering that 49% of the people in this country don't pay taxes at all, you know it's gonna be those of us who work, pay taxes, and don't have the money to hire CPAs to hide that money so we don't have to pay taxes.

It's amazing to me that more people don't catch on to this - the tax code as it's written favors the wealthy and the poor - those of us in the middle are the ones paying for everything. That needs to change before we can start screaming about tax cuts.

No reason not to do both. - sm

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These are not mutually exclusive measures.
Actually, if it's done right, you don't need the tax cuts. - Zville MT
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If you make the tax code simple and applicable to everyone, there's really no reason for tax cuts for anyone.
What happened to all that wrist wringing about the deficit? - sm
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Gone with the wind when defending the failed Bush tax cuts it would seem.
It's a good thing that some conservatives - like myself
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think the Bush tax cuts should expire then, huh? OH wow...what a novel idea. I agree with what the others above said though...we should definitely look into these loopholes that are being taken advantage of. We would bring in a heck of a lot more tax revenue merely by getting rid of those loopholes and we all know that everyone...including those democratic politicians some of you love so much....take advantage of them too. ;)
Well then, looks like we are in agreement. - nm
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nm

Awesome article about an awesome group. - More facts from Patriotic Millionaires.

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It is truly amazing that MTs can be found all over this forum wailing about MTSO corruption, working conditions, the decay of the industry, loss of benefits, line rates, VR/ASR, downsizing, outsourcing, overhiring, NJA, unionizing, etc, etc, etc, but when confronted with this cold hard fact straight from the horse's mouth on the politics board, all it can elicit is a big fat collective DUH. Ten million in tax cuts does not even begin to address the profits made off the backs of 7-8 cpl skilled American (and not-so-skilled Indian) employees, but the tax cuts alone are enough to make my blood boil and steam shoot straight out of my ears after doing this job since 1974. To hear him say he did NOTHING with the money the whole thing sound positively criminal.

Dennis Mehiel, the guy who bought a bigger boat (150 feet) and lamented that its construction didn't create any jobs for American workers since it was made in Italy, and other members of the group sent a video to John Boehner entitled "Fix this Mistake You Made" on the anniversary of the Bush tax cuts:

“The 2001 tax cuts were one of the worst decisions that members of both parties have made in the last 50 years,” stated Erica Payne, Founder of the Agenda Project. “Increasing taxes on millionaires has to be part of the solution for how we get our fiscal house in order.”

The article on this story and the video can be found here:

http://dailyagenda.org/the-point/5353/

Here are some facts they have posted on their website.

1. Reducing the income tax on top earners is one of the most inefficient ways to grow the economy according to the non-partisan Congressional Budget Office.
2. Only 375,000 Americans have incomes of over $1,000,000
3. 44% of Congress people are millionaires.
4. Between 1979 and 2007, incomes for the wealthiest 1% of Americans rose by 281%.
5. During the Great Depression, millionaires had a top marginal tax rate of 68%.
6. In 1963, millionaires had a top marginal tax rate of 91%
7. In 1976, millionaires had a top marginal tax rate of 70%
8. Today, millionaires have a top marginal tax rate of 35%
9. The tax cuts were never meant to be permanent
10. Letting tax cuts for the top 2% expire as scheduled would pay down the debt by $700 billion over the next 10 years.

http://www.patrioticmillionaires.org/

So what? Its still HIS money, not mine, not yours. - I dont want to steal his money.nm

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nm

Really? - sm

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Maybe you are content with your disappearing benefits and 7-8 cpl lot in life (down 45% since 2002), soon to be 6-7, then 5-6 etc, while MTSO CEOs sit atop $10 million in tax cuts they do NOTHING with, but I'd bet the farm not many of the rest of us are.

Besides, you are avoiding the issue. The GOP tax cuts for the rich do nothing to create richer multimillionaires, not jobs. Get a glue. At the very least, they need to drop the jobs facade and tell it like it is.

really - anon

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Go ahead and start your own company like this guy did and make millions. Who's stopping you?

The tax codes have favored the rich for many, many years. This is not something that just happened in the last 8 years. Do some research on the Ways and Means Committee.
Codes and cuts. A win-win situation when attacking - that pesky deficit
[ In Reply To ..]
unless that issue is replete with partisan duplicity. No argument about the codes. Speaking of research, check out what the CBO has to say on the cuts-jobs red herring.

Yeah, REALLY. The Govt steals a rich persons money - and gives it to you? THAT is how

[ In Reply To ..]
you want your life to improve? Its sad. Also, your last paragraph makes no sense to me ."do nothing to create richer".. and "Get a glue" ? Guess its useless debating with you.
The rich - mbmt
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The rich do not need you or any of us to stand up for them. However, the poor and what is left of the middle class do need advocates.
Fine. Lets stand up for each other and quit STEALING - from each other.nm
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nm
Stealing - mbmt
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Maybe some of us feel that the small percentage of people who hold the majority of wealth in this country have been stealing from the rest of us.
mbmt - anon
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What did they steal from you that was legally yours? Give an example please.
So, money they earned is yours? Thats what is - wrong with the USA now -shameful !.nm
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nm
Precisely how does one EARN tax cuts/credits? - Tax revenues missing from the treasury
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to answer your question.
I'll stand up for the rich when - mbmt
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I'll stand up for those rich folks when they quit exploiting their workers for personal gain. Also, they created the economic crisis and continue to give themselves huge bonuses. They have also polluted our environment for the sake of profit and shown disloyalty to the country by sending jobs overseas.

There are, of course, some rich people who do great things. Someone on here mentioned Bill Gates. I think that is admirable, but he does not need me to stick up for him.

just curious - dnh

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What did you want him to do with it? What would YOU do with it?

Pay MTs a living wage! - Good for everyone-sm

[ In Reply To ..]
The 10 million he saved and didn't even use was from the taxes he saved because of his income. How about if the MTs would have been paid a living wage. Other MT companies would have been forced to match or come close to his wages. Low-income MTs would have had more money to spend on necessities and a few nice things. Retail stores, product manufacturers, and service people would have got their little cut of the pie, everyone would have paid a little more taxes employing the teachers, police, fire fighters, safety, roads and bridges, etc. Gosh! That 10 million could have been very useful.

just curious - dnh

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what did you want him to do with it? What would YOU do with it?

what rich do - anon

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And then there's this - probably not reported on the Daily Kos or HuffPo.


 


Bill Gates, Donors Pledge $4.3 Billion for Vaccines


 



International donors led by Britain and Bill Gates pledged $4.3 billion on Monday to buy vaccines to protect children in poor countries against potential killers such as diarrheal diseases and pneumonia.


The funding should allow more than 250 million of the world's poorest children to be vaccinated by 2015, helping to prevent more than four million premature deaths, the Global Alliance for Vaccines and Immunization (GAVI) said.


"Today is an important moment in our collective commitment to protecting children in developing countries from disease," said Liberian President Ellen Johnson Sirleaf, who attended the pledging conference in London. "But every 20 seconds, a child still dies of a vaccine-preventable disease. There's more work to be done."


British Prime Minister David Cameron, who has defended increased spending on aid at a time of sharp domestic spending cuts, pledged $1.3 billion — almost a third of the total raised, which was more than the $3.7 billion GAVI had hoped for.


Billionaire philanthropist and Microsoft co-founder Gates, a major GAVI backer who helped set up the alliance a decade ago, pledged an extra $1 billion dollars for GAVI over the next five years and praised donor governments and their taxpayers for recognizing what he calls the "magic" of vaccines.


"This is absolutely human generosity at its finest," he told reporters at a news conference. "For the first time in history, children in developing countries will receive the same vaccines against diarrhea and pneumonia as children in rich countries."


GAVI says it has helped prevent more than 5 million child deaths in the last decade with its immunization programs.


The alliance funds bulk-buys of childhood vaccines against diseases such as pneumococcal pneumonia, Hemophilus influenza type b, or Hib disease, diphtheria, pertussis or whooping cough, tetanus, measles and rotavirus.


COST EFFECTIVE


The World Health Organization says vaccination is one of the most cost-effective public health measures. It estimates that 2 to 3 million deaths are averted each year with immunization.


A series of studies published last week found that if 90 percent of children in the more than 70 poor countries supported by GAVI were fully immunized, about 6.4 million children's lives and more than $151 billion in treatment costs and lost productivity could be saved over 10 years, producing economic benefits of $231 billion.


GAVI has been criticized by the international medical charity Medecins Sans Frontieres for paying too high a price for some of its vaccines, in particular for pneumococcal shots which it buys from the global pharmaceuticals giant Pfizer and its British rival GlaxoSmithKline.


Pfizer and GSK signed a 10-year deal with GAVI last March to supply 60 million doses a year of their Synflorix and Prevnar 13 pneumococcal shots at a discounted price of $7 per dose for the first 20 percent and $3.50 for the remaining 80 percent.


Gates defended GAVI's purchasing system and said he was always careful not to pay more than he had to. "I'm not going to spend any money that isn't directly going to help these poor children," he said. "I feel great about the prices we've got."


Several leading drugmakers including GSK, Merck, Johnson & Johnson's Crucell and Sanofi-Aventis' Sanofi Pasteur last week offered to cut some of their vaccine prices for developing countries to try to sustain supplies via GAVI.


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