When George W. Bush introduced the changes to the tax code under his presidency in 2001 and 2003, it reduced the tax rates for people at every income level. These "tax breaks" offered the biggest benefits by far to people at the very top - especially the top 1 percent of income earners.
As President Obama battles his way to reduce the debt and get America through their financial difficulties, here's a list of the ultra rich millionaires and billionaires who are willing to pay more taxes in order to give back to society and get America back on track.
1. Warren Buffett
The champion of capitalism, Buffet leads the way in the fight for the rich to pay more taxes. He claims "If you’re in the luckiest 1 percent of humanity, you owe it to the rest of humanity to think about the other 99 percent.”
2. Bill Gates
The self-made billionaire and the founder of Microsoft, Gates, supported the ballot initiative in Washington state, (put forward by his father) that people earning at least $200,000 should pay state income tax.
3. Mark Zuckerberg
His Estimated wealth is said to be around $13.5b from facebook. Zuckerberg has pledged to give most of his fortune away to charitable causes. He has aslo said he is 'cool' with paying more taxes.
4. Ted Turner
The CNN founder, and one of America's most successful businessmen is also one of the most generous in terms of his philanthropic donations. He said he is not in favour of keeping his tax cut.
5. Tom Steyer
Founder of Farallon Capital Management, Steyer is part of the billionaire rich list. The philanthropist and hedge fund manager said he believes the rich should pay more in taxes.
6. Morris Pearl
Morris Pearl, Managing Director of investment-management firm BlackRock is part of the Patriotic Millionaires for Fiscal Strength campaign which is campaigning to raise taxes for the wealthy.
7. Michael Steinhardt
In a letter to President Obama, legendary philanthropist and founder of Steinhardt, Fine, Berkowitz & Co, Steinhardt, asked the nation’s leaders to raise their taxes for the good of the country as part of the Patriotic Millionaires second wave of lobbying.
8. Garrett Gruener
Venture capitalist and an entrepreneur Garrett Gruener was the founder of Ask.com said "No one particularly enjoys paying taxes, but one lesson we should have learned by now is that for the good of the country, we need to tax people like me more."
9. Ron Garret
Software engineer turned entrepreneur and angel investor, garret is part of the millionaire group calling for higher taxes for the ultra rich. I think we're all on the same page that the country dug itself into a very deep hole. And it's not going to be easy to fix and we all have to pull together to do our part.