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68 Percent Of Millionaires Support Raising Taxes On Millionaires

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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:05 PM
Original message
68 Percent Of Millionaires Support Raising Taxes On Millionaires
Edited on Thu Oct-27-11 05:55 PM by cal04
http://thinkprogress.org/economy/2011/10/27/355074/mill... /

According to a new survey by the Spectrem Group, 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. Spectrems George Walper told the Wall Street Journal, 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.


Millionaires Support Warren Buffetts Tax on the Rich
http://blogs.wsj.com/wealth/2011/10/27/most-millionaire...

Actual Survey
Economic Situation Warrants Tax Hikes, Program Cuts, Say Millionaires
http://www.millionairecorner.com/article/economic-situa...

Millionaires for class warfare
http://www.washingtonpost.com/blogs/plum-line/post/mill...
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:09 PM
Response to Original message
1. Yeah, but that might mean giving up oil subsidies and maybe those scary "green" jobs
would be created and ruin all the oil drilling and gas fracking and earthquakes and floods that rich people make money off.
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tridim Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:11 PM
Response to Original message
2. Yea, but what about the 32 percent who don't support it?
The Republicans are masters of picking and choosing who to listen to. Obviously only those 32 percent are real Americans.
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hughee99 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:16 PM
Response to Original message
3. What percentage of millionaires make $1 million or more in income
per year? I believe Buffett's yearly income is under $1 million.
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unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:23 PM
Response to Reply #3
7. buffett's SALARY is under $1mm, but his income certainly isn't
Edited on Thu Oct-27-11 05:26 PM by unblock
but your general point is correct; there are quite a lot of people who have $1-5mm as their retirement nest egg, never having earned anything like than in any single year. they might even be retired and living off the interest and savings, which are nowhere near $1mm/year. (at a 5% rate of return, $5MM produces $250,000 per year in presumably taxable interest).

so a lot of the people voting "yes" aren't actually voting for higher taxes for themselves.

then again, i know a few millionaires who do in fact think their own taxes should be increased.



http://money.cnn.com/2011/08/15/news/economy/buffett_ta...

this article puts his taxable income at $39,877,839.08 (given that his tax bill was $6,938,744 and this was 17.4% of his taxable income)
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snot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:17 PM
Response to Original message
4. Must not be the ones buying politicians.
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OneGrassRoot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:17 PM
Response to Original message
5. I guess most millionaires are democrats then. ;) n/t
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redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:18 PM
Response to Original message
6. They should poll those in the top .5%
Edited on Thu Oct-27-11 05:20 PM by redqueen
They're the ones who disagree... so strongly that they'll set up think tanks, fund and organize astroturf movements, and basically wreck the entire country to keep as much cash to themselves as possible.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:44 PM
Response to Original message
8. 32% of millionaires need to be stripped of their money
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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:52 PM
Response to Reply #8
9. Aw, Rosa, don't be mean. Let's leave each of them with, say,
the amount of money the AVERAGE American has in the bank/savings/investments.

And let's settle each of them in an AVERAGE-paying job.

:rofl:
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:55 PM
Response to Reply #9
10. we could auction the yachts?
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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 08:00 PM
Response to Reply #10
12. We sure can. And the multiple homes.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 11:08 PM
Response to Reply #12
13. John McCain and his 10 mansions for a start
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Scuba Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:56 PM
Response to Original message
11. Yes, but 100% of the owners of the Republican Party are against it. n/t
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aint_no_life_nowhere Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 11:12 PM
Response to Original message
14. They're smart - it's not good to be rich in a poor country
No matter how high the wall of that gated community, it never gets high enough to ensure a good night's sleep if the area outside of it becomes a wasteland of poverty and suffering.
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