Most Millionaires Want Higher Taxes For Millionaires: Survey

[bsnub]

This is a great article and I think that most of this counties wealthy that have a soul would agree;

Tax the rich, Warren Buffett says -- and a majority of millionaires agree.

According to a survey from the consulting firm Spectrem Group, sixty-eight percent of millionaires -- defined as people with investments of $1 million or more -- support raising taxes on people who earn $1 million or more in income, the Wall Street Journal reports.

The survey seems to reflect the sentiments of groups like Patriotic Millionaires, an organization of wealthy citizens that has urged the government to impose higher taxes on people like themselves. It also echoes the policy recommendations of President Obama, who has called for revisions to tax law that would levy a tax rate on millionaires at least as high as that experienced by middle-class earners.

And, of course, the survey hearkens back to Warren Buffett, the billionaire investor who galvanized a conversation about taxing the wealthy with a widely read New York Times Op-Ed this summer.

Spectrem's findings also seem to indicate that the grim state of the American economy -- where jobs are scarce, investment has fallen off and wages for most have flatlined -- hasn't escaped the notice of the country's more comfortable citizens.

The WSJ quotes Spectrem's George Walper as saying, "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.'"

While some conservatives argue that higher taxes for the rich would discourage investment and slow economic growth, analysts have suggested that in fact this is not likely to happen. Historically, there is almost no correlation between high tax rates for the rich and a struggling national economy.


Earlier this month, a CBS News poll found that 64 percent of all Americans think millionaires should pay higher taxes -- a percentage nearly the same as the rate of millionaires in Spectrem's poll who feel the same way.

The debate over whether affluent Americans are insufficiently taxed comes during a moment when hundreds of thousands of people nationwide have taken to the streets under the banner of the Occupy movement, which is protesting, among other things, the vast income gap between the highest 1 percent of earners in the U.S. and the other 99 percent.

This week, the Congressional Budget Office released a report showing that income for the richest 1 percent of Americans grew by 275 percent between 1979 and 2007 -- compared with a rate of growth of just under 40 percent for most of the middle class. Last year, the median annual income for U.S. workers was $26,364 -- meaning that 50 percent of Americans who earn a paycheck make less than that.

Income inequality in America has risen to such levels that the country now ranks on par with China, Uganda, Rwanda, Serbia and Cote d'Ivoire in terms of the gap between its richest and poorest citizens.

http://www.huffingtonpost.com/2011/1...n_1035763.html

[Latindancer]

Last year, the median annual income for U.S. workers was $26,364 -- meaning that 50 percent of Americans who earn a paycheck make less than that.

Wow ! Talk about "the working poor" !

[bsnub]

More evidence that the republicans will pay for their flawed policy in 2012. Not raising taxes is a cornerstone of the republican party doctrine if they are destroyed on that point then they will be back at the drawing board. Here is reason why they will pay a heavy price in 2012;

Warren Buffett isn’t the only rich guy who wants to higher taxes on the rich.

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.

Buffett, as you might recall, has proposed raising taxes on million-plus earners, saying the ultra-rich pay lower rates than everyday workers.

Rich people’s opinions of Buffett remain fairly positive in the wake of his tax-me-more crusade. More than a third of millionaires and ultra-high-net-worths said they have a more positive opinion of Buffett after his tax proposal. Only 19% of millionaires and 22% of the $5 million -plus group said they had a more negative opinion of him after the proposal.

More than 40% of both groups said their opinion hadn’t changed.

In other words, Buffett’s proposal had more supporters than detractors among the rich — though that support declines slightly as you move up the wealth ladder.

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.’ ”

Walper added that he was also surprised at the positive reactions to Buffett’s political agenda. “I thought that among this group there would be a feeling of ‘why doesn’t he keep his nose out of it?’”

As part of its survey, Spectrem Group also collected comments from the respondents. Here are a few highlights, from both the pro-Buffett and anti-Buffett camps:

PRO-BUFFETTS

“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 think theoretically it would be good for this country and put some more money in the coffers, personally it wouldn’t be good for my family so I’m kind of at conflict between self interest and what might be good for the country.”

ANTI-BUFFETTS

““I think some of that spirit of America is lost when you start penalizing so to speak, the folks who have more.”

“I think there should be a voluntary check box on the tax form that says, if you would like to send in more please do.”

““For myself, if there were an increase in taxes, I’m probably gonna button up some spending.”

The survey and comments prove that the rich are not the monolithic, entirely self-serving group that is often portrayed in the media. They are just as divided as the rest of the country. And many are willing to pay more taxes.

Has your opinion of Buffett gotten better or worse after his tax idea?



Millionaires Support Warren Buffett’s Tax on the Rich - The Wealth Report - WSJ

[Butterfly]

Buffett, as you might recall, has proposed raising taxes on million-plus earners, saying the ultra-rich pay lower rates than everyday workers.

there is actually a logic and an economic reason for that, even though it's not PC and not very nice to hear

like mass consumption, mass taxation is more "profitable" for tax authorities, taxing the rich doesn't bring much revenues, worse, their disposable income and large investment make money works more effectively in projects that is not accessible to a small saver. Therefore the "disposable income" of the rich after tax is better used than the poor.

one solution is to tax the rich on their expenses, not income

[jamiejambos]

AYE, RIGHT... No-body likes paying taxes,especially the rich, I"m retired and still paying tax,as is my duty , but unlike the rich i do not look for excuses or loopholes that will exempt me from paying it.....

[Boon Mee]

Warren Buffett is a first-class hypocrite

Warren Buffett sues over taxes he doesn’t want to pay. Seriously. :: Naked DC

[S Landreth]

Bill Gates: "Taxes are going to have to go up’ on rich people"

Gates has joined fellow billionaire Warren Buffett in the belief that America’s rich need to be paying more taxes.

In an interview with the BBC Wednesday morning, the founder of Microsoft expressed his desire to see “a sense of shared sacrifice” from his fellow high earners.

“Well, the United States has a huge budget deficit, so taxes are going to have to go up,” he said. “And I certainly agree that they should go up more on the rich than everyone else. That’s just justice.”

Gates added: “Right now, I don’t feel like people like myself are paying as much as we should.

President Barack Obama and Democrats have repeatedly proposed tax reforms that would require rich people to pay the same tax rates as members of the middle class, only to see them crushed by Senate Republicans at every attempt.

I do agree: Bill Gates: ‘Taxes are going to have to go up’ on rich people | The Raw Story

[misskit]

This is an interesting chart. It shows overall tax rates state by state, paid by the wealthy and the poor.


Soaking the Poor, State by State | Mother Jones


Sorry! Can't seem to make the chart come out better!

http://motherjones.com/kevin-drum/20...or-state-state

[S Landreth]

Sorry! Can't seem to make the chart come out better!

just copy and paste the URL here misskit

[sabang]

Corporations too:-

Thanks in part to federal tax breaks, corporations paid out just 12.1 percent of their 2011 profits in taxes, according to the Congressional Budget Office. That's well below the country's top marginal corporate tax rate of 35 percent -- and as The Wall Street Journal notes, it's the lowest percentage corporations have paid since 1972. During the two previous decades, a period that included the economic prosperity of the 1990s and the housing boom of the George W. Bush administration, corporations were paying an average percentage almost twice as high.

The CBO's numbers undercut a popular conservative claim -- that the United States places a higher tax burden on its corporations than almost any other first-world nation -- and arrive at a time when national politicians are engaged in a fierce rhetorical battle over how much wealthy institutions and individuals should pay to the government.

Corporations reported a combined $1.97 trillion in profits in the third quarter of 2011. As recently as June, they were also believed to be sitting on more than $2 trillion in cash hoardings. Most of that money has not been touched by taxation, even though the federal government has experienced budget shortfalls of more than $1 trillion for each of the past four years, and is scrambling to cut back on staff and services as a result. Meanwhile, the money isn't going to employees either, as real wages for most Americans declined in 2011 in spite of strong corporate balance sheets.
Corporate Taxes As Percentage Of Profits Now Lowest In Decades


Looking at this from the outside, it really does seem that the GOP is flipping America the Bird.
-the government is in debt and sliding further into debt with a massive deficit
-Corporations are sitting on record levels of cash ever
-Corporate Profitability is at or near a record
- They are paying a record low 12% rate of tax (since 1972)
-The Rich paying a record low rate of tax in living memory.
-Both Corp's and the Rich pay less tax than the US middle class
-Yet real wages went down last year in the USA for the average person.
-Wealth inequality is the highest ever, at Third rather than Developed world levels
-US executive and CEO pay is stratospheric compared to the rest of the world
-Minimum wages are appallingly low compared to Europe etc, and unemployment remains high

What on earth is the GOP complaining about? They are riding a gravy train. They should have Obama as the big Republican icon- Reagan was a commie in comparison. Even under Bush they were paying way more in tax.

[Butterfly]

Most of that money has not been touched by taxation, even though the federal government has experienced budget shortfalls of more than $1 trillion for each of the past four years, and is scrambling to cut back on staff and services as a result. Meanwhile, the money isn't going to employees either, as real wages for most Americans declined in 2011 in spite of strong corporate balance sheets.

and they are not paying dividends either to their shareholders,

[Minnie Maugham]

Last year, the median annual income for U.S. workers was $26,364 -- meaning that 50 percent of Americans who earn a paycheck make less than that.

Wow ! Talk about "the working poor" !

Erm, that's the "UNDEREMPLOYED" thanks to obama.

[koman]

Warren Buffett is a first-class hypocrite

Warren Buffett sues over taxes he doesn’t want to pay. Seriously. :: Naked DC

Buffett is one of those "exceptions" which are now being cited as if he should be the "rule". Warren Buffett draws a salary of $100K on which he is taxed at about 30-35% He pays his private secretary $200K a year....on which she is likely taxed at about the same rate. Now does anyone in their right mind think that Buffett actually earns less than his secretary?

Virtually all of his income is derived from capital gains....which are taxed at 15% max. By the time it's all averaged out his overall tax rates is pretty low compared to some plumber making $70K....and no tax planning experts to help out.

Dear Warren employes a whole regiment of accountants and tax lawyers to make sure he uses every remedy available to ensure that the IRS does not get one cold nickle more than he is legally required to pay...and yet he continues to spout off about how he and other rich people should be paying more....WTF?

If you want to pay more Warren....just do it.....there is no rule against paying excess tax you know...so cool it with the holier than thou speeches to make yourself some kind of martyr to the masses.

Buffett has never invented anything, made anything or done anything to produce one cent of real weath for society as a whole. He has just bought, sold, speculated, manipulated and sucked money out of the system. But he's really really good at it. No wonder he feels a bit guilty about having so much money....

Bill Gates I understand uses many of the same strategies....but he gives away zillions in donations which are targeted to actually do some good instead of just giving it to the government to piss away on "programs" which are wastful and largely ineffective. If you really want money to get wasted just hand it over to the tax department....anywhere.

The dogs bark and bark....but the caravan moves along........

[bsnub]

Bill Gates I understand uses many of the same strategies....but he gives away zillions in donations which are targeted to actually do some good

Well once again your post is off the mark and heavily slanted. The fact is that Mr. Buffet has targeted his entire fortune to be donated to 5 foundations the biggest of which happens to be the Gates Foundation. And the giving process is well underway and has been for years. Kind of moots you whole point.

Warren Buffett gives it away - July 10, 2006

[Minnie Maugham]

^We know.

^^ Txs for that info, Koman. I always wondered how much the secretary made in salary (how about the bonuses?). Nice you pointed out that Buffet is just a Wall Street leech (bwahahaha). Buuuuut, he has handed over gobs of cash to Gates and didn't he refuse to give his wealth to his kids? All goes to charity when he falls over, no? What a guy. He does write wonderfully enjoyable annual reports for Berk Hath.

[koman]

Bill Gates I understand uses many of the same strategies....but he gives away zillions in donations which are targeted to actually do some good

Well once again your post is off the mark and heavily slanted. The fact is that Mr. Buffet has targeted his entire fortune to be donated to 5 foundations the biggest of which happens to be the Gates Foundation. And the giving process is well underway and has been for years. Kind of moots you whole point.

Warren Buffett gives it away - July 10, 2006

Bullshit bsnub.....you did not get my point at all. Of course Buffett will "donate" most of his wealth.....what else could he possibly do with it? He's getting on in years and his tax lawyers have read him the details of estate tax law. He could never spend it at his age. There is nothing much he can do except give it away in order to avoid a massive hit by the IRS. He has likely already made numerous inter vivos gifts/trusts to those he wants to take care of.

In the meantime he continues to avoid paying a nickle more tax than legally required while extolling others to pay more.....
(That was my point..!!!)

PS Where was I "slanted" or do you feel that everything factual is "slanted"?...

In a way I was kinda defending him and Bill Gates because as I said....again just for you.....that giving your money to the tax department is a poor choice if you can avoid it...better to do something more useful with it....which both of them have in fact......now please try to pay attention and you may occasionaly be able to say something sensible in response....

Look out......here come the Bloshevik hoards, to the defense of...... Warren Buffet....