I saw this recently and just about fell out of my chair.
A new survey from Spectrem Group found that 68% of millionaires (those with investments of $1 million or more) support raising taxes on those with $1 million or more in income. Fully 61% of those with net worths of $5 million or more support the tax on million-plus earners.
Holy Shee-aht! My initial shock was that it was even published at all in the Wall Street Journal. After that wore off, I was pleasantly surprised to see that two thirds of the wealthy now think that raising taxes is a good thing. But why do they support this?
Explains George Walper of Spectrem: “What this tells us is that there are a number of wealthy folks who said: ‘Gee, we need to increase taxes to stimulate the economy. No one likes to be taxed more, but the reality is maybe it has to be done.’ ”
Yep.
Here are some of the comments from the supporters of this increase.
“When you have someone who made four and a half billion pay fifteen percent, and because it’s a hedge fund, I have a problem with that.”
“Quite frankly if Warren Buffett gets taxed an extra fifty thousand dollars or your typical investor of two hundred and fifty [thousand] or larger has to pay an extra thousand dollars in tax; It’s not gonna change his lifestyle. Whatever he or she was gonna buy, he or she is gonna buy.”
I have to say that I am fairly elated that wealthy people in this country are saying things like this. The tide is turning, folks, and it honestly can't happen too soon.
13 comments:
As Larry pointed out on here some time ago...I'll believe the wealthy want to pay more in taxes when they fire their CPA's, fire their tax attorneys, and stop structuring their business affairs so they can pay the least amount of taxes as possible.
When the actions don't match the words...go with their actions. I've always thought that I can tell a lot about a person by looking at their calender and their checkbook. Lots of people SAY lots of stuff but when it comes down to it - what they truly care about can be seen in where they spend their time and what they spend their money on.
Their actions are defined in many ways by who they support politically, right? If they vote for a Democrat, that means they expect that their taxes are going to be raised. I guess we'll find out in the next election, won't we?
But this brings up an interesting point: what are you afraid of? It seems to me that if the wealthy start backing higher taxes, then what the fuck is your ideology all about then?
...or it could mean that they want to suck up to whoever is in power at the time. Their actions could mean lots of things.
I'm not afraid of other peoples tax returns. If some rich person wants to pay more in taxes...I don't care and I won't stop them.
What will we find out in the next election? That millionaires are going to flock to the polls to vote democrat? Go ahead with more predictions - Edwards was going to win Iowa because all of Iowa was racist, Obama was going to win New Hampshire, Rush is going away, the Republican party is on it's deathbed, and so on.
All you have so far is some wealthy people SAYING they want to pay higher taxes. I posted the truth on here about the way Buffet has his finances structured...and it isn't geared toward paying more taxes. Kerry docks his boat in Rhode Island to avoid taxes...the actions don't match the words. Probably many more examples I could find if I surfed the net a little.
Funny how you always mention the predictions that I was wrong about and have convenient amnesia regarding the accurate ones.
Maybe the reason why the wealthy want to pay more in taxes has to do with wanting a better economy. If they do and the economy improves, then what?
Paying more taxes makes for a better economy? What drugs are you taking?
If increased govt spending created a good economy, the last couple of presidential administrations would have seen boom times like we have never seen before.
Maybe the reason why the wealthy want to pay more in taxes has to do with wanting a better economy.
Still ignorant as all get out....
I thought we were talking about revenue/taxes and not spending. I think the people that are in favor of increasing taxes (and that now includes wealthy people) think it could help reduce the debt which would, in turn, help our economy. Of course, this only solves part of the problem.
Of course, this only solves part of the problem.
Because debt doesn't happen as a revenue problem, it happens as a spending problem.
Because debt doesn't happen as a revenue problem
So, the Bush tax cuts weren't partly responsible for the debt? Good Lord....
My god Mark,
What don't you understand? You CAN'T go into debt without spending money. Is that too simple of a concept for you to comprehend?
And why can't you understand that the federal government spending money is mostly a good thing? The debt is worse than it should have been because of the Bush Tax Cuts. That's a factual statement, not an opinion. It's also likely that our economy would probably be in better shape as well had the tax cuts not been enacted.
the federal government spending money is mostly a good thing
I didn't say it wasn't. That doesn't mean I agree, but you are arguing something I did not say - or in other words 'the voices in your head'.
But more to the point, "federal government spending" does not equate to "debt" - or at least it should not equate to it. And that is what we are talking about - debt. Debt brought about by spending more money than you have. That that debt is a bad thing is even acknowledged by your next line:
The debt is worse than it should have been because of the Bush Tax Cuts.
Thank you for acknowledging that the debt is a bad thing. It really doesn't matter if the Bush tax cuts made it worse. That's a bit like trying to claim that a huge rash of bad check writing was made worse by you getting the flu and not working for a couple days. The poor money management was the key - not the unanticipated income shortfall.
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