Millionaires say inequality a problem, support higher taxes to fix it

[alp227]

Source: LA Times

A majority of U.S. millionaires think rising income inequality is a “major problem” and almost two-thirds favor increasing taxes on the wealthy and raising the minimum wage to reverse the trend, according to a new survey.

However, the views of the wealthy on these hot-bottom topics vary significantly by political affiliation, suggesting millionaires are as split as the rest of the country between Democratic and Republican beliefs, according to the poll by financial news channel CNBC.

For example, 51% of all millionaires surveyed believe inequality is a problem. But while 86% of Democrats are worried about the nation’s sizable income gap, only 1 in 5 Republicans share the concern.

Two-thirds of Republicans say anyone who works hard can become wealthy, according to the poll. Only one quarter of Democrats think that’s true.

Read more: http://www.latimes.com/business/money/la-fi-mo-millionaires-say-inequality-is-a-problem-and-support-higher-taxes-to-fix-it-20140506-story.html

[iandhr]

1. There not so out of touch after all.

[VWolf]

3. Owing to inflation,

there are many more millionaires nowadays compared to even a decade ago.

Wish I were one of them ....

[elleng]

4. They don't get to be millionaires by being out of touch

or ignorant or stupid.

[Xithras]

6. I was a millionaire for a while.

I got there by buying a pretty piece of land along a river just before the speculators came calling and drove the value up. $1.1 million at the peak, briefly. Since I owned it, I was officially a member of the millionaires club.

Then the market crashed, everyone stopped buying, and suddenly I wasn't a millionaire anymore. After I lost my job, I had to sell it for way, way less than a million. It's probably worth that much again, but it's someone else's million dollar property today. Bummer

[jwirr]

9. Your experience is why millionaires and not billionaires are being reasonable. It is a long way down

but it can happen just like that.

[elleng]

12. Right,

but even some billionaires (are Misters Soros and Buffet billionaires?) are reasonable. Seems like some just have the 'rational' gene. And of course, 'down' can happen to anyone.

[safeinOhio]

8. Like the Kochs, Waltons and Mellons

they won the sperm lottery.

[elleng]

11. Many did,

but many made it themselves, through their own efforts.

[SunSeeker]

2. There are rational millionaires, but Republicans live in a fantasy universe.

In their fantasy universe: there is a level playing field, no racism, equal bargaining power between employer and employee, hard work is always rewarded, and you are poor only if you are lazy. It is how they are able to live with themselves.

[humbled_opinion]

5. I concur

but somehow we need to create the magic formula that taxes them more but does not create a trickle down effect i.e. govt taxed me more so I laid off workers, increased costs to consumers etc... I still have major problems with the fact that a hedge fund manager pays the exact same 3.65 per gal for gas that I do, I need the gas just as much as they do but we don't equally feel the pain of pumping that gas into our cars....

[jeff47]

13. Good news! The economy is not a single-variable system.

The money from those increased taxes doesn't just disappear. The money gets spent, helping to stimulate the economy.

If you really think high taxes on the wealthy kills the economy, you'd have to explain the 1950's-1970's boom, where income tax rates were as high as 90%. If your trickle-down model was correct, those 3 decades could not have existed.

[humbled_opinion]

15. Surely you missed my point...

I don't think that high taxes kills the economy, the rich are not stupid they hide their money move their money and legally petition lawmakers to help them keep more of their money, which means in a nutshell that all politicians are corrupt in this regard, that is why I personally hate the tax code. To your point about the 50'-70's Yes 90 percent tax rate on a persons claimed income when I can hide 99 percent of my income what did the govt really gain? Those years had some of the worst abusers of the tax system and all the while it is the people in the middle that ultimately pay we get slammed by the top because they are the producers of the goods and services that we need and we get slammed by our own government as more of our money gets lumped in to those new taxes.... If politicians were serious about wealth disparity they would be talking about confiscating it from those that have it and funding programs for those that don't.... but neither side wants that, no they just keep on going on about the horrible conditions the horrible poverty that people live in and never really do anything to fix it....

[jeff47]

16. Nope, I didn't.

Your point was taxing the rich would kill the economy through trickle-down. It really wasn't a hard point to grasp.

To your point about the 50'-70's Yes 90 percent tax rate on a persons claimed income when I can hide 99 percent of my income what did the govt really gain?

A shitload of money.

Take a look at the history of the national debt. You'll notice a massive boom in debt from WWII, which rapidly deflates, thanks to that 90% tax rate.

But I'm sure your belief that the rich can hide all their income is more accurate than history.

while it is the people in the middle that ultimately pay we get slammed by the top because they are the producers of the goods and services

Bzzzt. But thanks for playing "regurgitate Republican economic theory that hasn't worked for 40 years, so it must be true".

Again, if your claim about tax rates was true, then the boom in the 50's to 70's could not have happened. Yet that boom happened.

If politicians were serious about wealth disparity they would be talking about confiscating it from those that have it and funding programs for those that don't

Yes, perhaps they could do something like raise the top marginal tax rate.

but neither side wants that, no they just keep on going on about the horrible conditions the horrible poverty that people live in and never really do anything to fix it....

Yes, you can tell both sides don't want that by how the Democrats propose programs and increased spending to fix it, and Republicans vote those down.

Alternatively, you could look at the actual world around you instead of your libertarian fantasy land.

[Kelvin Mace]

7. Great! Now, who will tell

the billionaires?

[olddad56]

17. they will feel differently. That 1st billiion is the hardest to make.

[Initech]

10. Where the hell were these people during 2000 and 2004???

We had the power to stop this insanity in those election cycles before it started. Now the damage has been done and until we rise up and stop the corporate criminals again we'll just keep repeating the cycle.

[valerief]

14. Millionaires are the new middle class. It's the billionaires running the show now. nt

[dangin]

18. I always get attacked but...

We're millionaires because my wife is a surgeon and we have 5 degrees between us. I totally support raising the taxes on us even though we are at the top rate.

I'm a business man and I also support raising the minimum wage, but I only have one employee who I already pay that much.

[CTyankee]

20. I'm sure not in your league, but I pay my cleaning lady about $18. 50 and hour.

And I am a retiree on my savings, a few investments and Social Security.

[Richardo]

19. I'm sure there are some who want to hear more about these "hot bottom" topics...

[CTyankee]

21. women's issues are "hot bottom" issues?

Could you explain what you mean?

[Richardo]

22. a typo in the article quoted in the op.

[JDPriestly]

23. Good for those who recognize the problem and want to work toward fixing it!

That takes a lot of self-control. And I think it is a good sign that we can all work together to improve opportunity for the next generations.

[awoke_in_2003]

24. Hot-bottom topics? nt