Tax Me, I'm Rich, Says Deep-Pocketed Group

A group of frustrated millionaires say they will re-group to be taxed more.

ByABC News
April 12, 2011, 9:19 AM

April 12, 2011 — -- Patriotic Millionaires for Fiscal Strength--rich guys in favor of raising taxes on themselves and other wealthy people--say they are irritated over President Obama's failure to do just that.

Nor do they believe his latest announcement that he intends to try again, says Erica Payne, founder of the Agenda project and coordinator of the Patriotic Millionaires campaign.

The president, when a candidate in 2008, had recommended ending the Bush tax cuts for households earning over $250,000 a year. But he conceded that point when he signed into law in 2010 an agreement with Republicans to extend the Bush tax cuts two more years.

It's that concession that has disappointed and rankled Patriotic Millionaires, curdling their feelings. "The administration cut the deal they felt they needed to cut," shrugs Payne. "But we disagreed wholeheartedly. The president's quick and easy capitulation on an issue with such solid moral elements was disheartening."

One of Obama's primary jobs, she says, is to be chief educator.

"He did not do a good job on this issue or on the one we are currently facing. There's a moral lens through which you have to view these choices."

On Sunday, the White House announced it would renew its attempt to increase taxes on the wealthy. That proposal is expected to be part of a speech the president will deliver later this week describing his long-range plan for strengthening the economy and dealing with the nation's debts and deficits.