Patriotic Millionaires still ready for tax

WASHINGTON, April 12 (UPI) -- The coordinator of the Patriotic Millionaires campaign says some very rich Americans are disappointed they're still getting big tax breaks.

Erica Payne, founder of the Agenda Project and coordinator of Patriotic Millionaires for Fiscal Strength, told ABC News many wealthy people supported President Obama's 2008 campaign position to end Bush era tax cuts for households earning more than $250,000 annually.

Ben and Jerry's Ice Cream founder Jerry Cohen and scores of others who had more than $1 million per year in income supported Obama's position saying they've done well and were eager to pay their fair share. Payne says they were disappointed with the administration's concession to Republicans that extended the Bush era tax cuts for the rich until 2012.

"We don't need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers," the group said in an ad signed by 45 millionaires last winter.

ABC said the Patriotic Millionaires campaign now has about 150 members.

"The administration cut the deal they felt they needed to cut," Payne said. "But we disagreed wholeheartedly. The president's quick and easy capitulation on an issue with such solid moral elements was disheartening."

Payne says Obama needs to keep educating the public on the need to end tax breaks for the rich, but has little confidence he'll do better in negotiations with Republicans to raise the $14 billion federal debt ceiling.

"Allegedly, he was always in favor of raising taxes on people making over $250,000," she told ABC. "In fact, he capitulated when pushed. He showed little marketing acumen. It's not a very auspicious beginning to what will be the continuing fight. "

Obama delivers a speech on his plan to cut the national debt Wednesday night.