Business

Poll: 68% of Millionaires Support Raising Taxes

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After Warren Buffett spoke out about taxing the rich more, the rich were polled and overwhelmingly agreed with the billionaire.

Here’s more from Wall Street Journal:

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. […]

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?’”

Pretty astonishing, right?

And I think it’s also important to note what people said who favored more taxes and what people said who didn’t.

First the pro-Buffett crowd…

“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.”

Now the anti-Buffett crowd…

“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.”

By the way…how priceless is the first anti-Buffett quote?

Yeah, our American spirit will really be diminished if the rich start paying taxes on investments and dividends that Reagan proposed. Sure.