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CNBC Becoming so liberal:Majority of Wealthy Support Taxing Themselves: Poll
CNBC becoming more like liberal MSNBC with tis kind of garbage reporting. Unbelievable article below. I am so sure the majority of rich want to give more money to government waste party.
Majority of Wealthy Support Taxing Themselves: Poll
House Republicans are opposing tax increases on anyone – whether it's Americans making $250,000 or $1 million or more a year.
But a new survey shows that they might be opposing the very people they claim to protect.
American Express Publishing and The Harrison Group found that 67 percent of the top one percent of American earners support higher income taxes. Their support has grown since the election. This summer, 62 percent of them supported higher taxes.(Read more: Why 'Plan B' Would Actually Raise Taxes on Low Earners)
Some might say the rich are hoping to tax people richer – or poorer -- than themselves. The top one percent consist of people making more than $450,000 a year. But the survey clearly shows most One Percenters favor taxing themselves. More than half say that they support taxing those making $500,000 or more.
That's up from 51 percent in the second quarter.
"There is an absolute willingness for the vast majority of the One Percent to take a tax increase," said Jim Taylor, Vice Chairman Harrison Group. "What the Republicans think is not necessarily what their constituents think."
Granted, the one percent is not happy about paying higher taxes. The American Express/Harrison poll shows that 64 percent say they carry an "unfair tax burden in the amount of money I pay in taxes." This number is higher for Republicans and lower for Democrats. (Read more: Super-Rich: Tax Us When We're Dead)
Nearly three quarters of them are "extremely or very concerned about their taxes going up." Other recent surveys show that the wealthy support higher taxes as part of a balanced solution to the government debt problem that includes spending cuts.
Still, a majority support for tax increases on themselves, presumably for the sake of the broader economy. Taylor said that for many of the wealthy, the possible reduction in asset values stemming from problems in Washington far outweigh the potential reduction in their income.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Can you help answer these questions from other members on NexusFi?
A tough topic, and a sad one.I believe this president has no ability to lead congress to cross the aisle.Thats where it starts.So his solution is to pit the american people against rich.Even if they raised taxes on the so called rich, the amount of $ raised is nothing compared to the horrendous debt we have.
Why is the debt so huge?how did we get here?
It seems to me there is no consideration to really paying off debt.So, whats next?Another downgrade?does anyone care?
Heres an idea...stimulate the gdp by making things , and sell them to the rest of the world.....oh,i forgot, we dont do that anymore...in fact, what do we make?
the rules have changed, and the US is getting pushed around.China owns us.Our borders are unsecured,and the american dream for my kids is a pipe dream.
If we all did our balance sheets like the US(and almost every other country for that matter),we would be bankrupt many times over...oh , whats that noise...thats Ben in the backroom printing more $
i am a retired carpenter, and am not rich.Whats right is right...dont spend more than you make..simple math.....this country has been selling its soul since the end of ww2,and its not getting better any time soon
total garbage. Not surprising though that all the networks owned by GE will be part of the left wing propaganda machine. I'm not quite in the so called 1% any more and I hate the idea of any taxation. NOBODY that I know personally that is part of the focus here supports increasing their own taxation...not one.
@bobarian I agree. We have a horrible spending problem. Taxing more will not save the U.S. besides I think it is a ridiculously high amount government takes from those who make it already. If anyone thinks we can keep spending like this and the government not come after the middle class they are in for a rude awakening. If people want a taxing solution they will get one and it will not just be the rich who pay the piper. I am not sure so many have become dependent on government already that we are headed towards a Greece style awakening.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
i know, whos the dunce that stands up, raises hih hand, and says take my $.When i was a carpenter, Obamas 1st gift..Some of the fellas got checks in the mail...stimulus...are you kidding?One guy in particular, instead of paying down his credit card debt, goes out and buys a big tv.Priceless....but , as a consumer driven economy, that is precisely what they wanted....
oh, what is that i hear??oh!!Bens at it again...printing away
And how is it that these baboons in congress are going on vacation??The US is on the verge of another downgrade(again, does anyone care?), and these guys are kickin it...Good job fellas...i would love to get paid for getting nothing done....man , im ranting again
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The thing about the whole tax issue and taxing the rich is absolutely hilarious. When you have substantial wealth, you aren't getting a W2 income paycheck from your assets. I hear talk of raising the cap gains tax, etc. Total BS IMO, there are legal ways around every dumb move these imbeciles attempt to try.
I'm no CPA and I'm not giving anyone tax advice here but a majority of wealthy individuals receive their primary income from the following:
1. Real Estate holdings - Income is offset by depreciation and expenses, etc.
2. Municipal Bonds - Bonds owned within your tax filing state are both State and Federally tax-free.
3. Limited Partnerships and other partnership arrangements such as LLCs. You can control the amount and frequency of the income distributions. You also have a ton of ways to offset your income with expenses, etc.
4. Charitable Remainder Trusts (CRTs) and Foundations. The capital gains in these trusts are tax-exempt while the income is taxable but can still be positioned in a favorable way.
5. Standard dividend, interest and capital gains income. Better tax treatment than W2 and can be offset with losses, expenses, etc.
I could go on and on but the gist is, don't believe what the MSM is telling you and don't buy into the tax the rich BS. The projected revenues they're throwing out are way off and they would hardly fund our spending for a few months at most. Why do you think the old quack Warren Buffett is happy to endorse this "tax increase"? Because it does not affect him! He's moved a lot of his wealth into either a CRT or Foundation. They're wolves in sheep's clothing! Lol!!!
Think about it, most of the people in Congress are "rich", are they going to raise the taxes on themselves? To some extent yes but while so called loop holes are closed on one side, more so called loop holes are opened on the back side so that they don't have to pay. Now that being said, if you have a smart CPA then you take advantage of the way the tax code is written. That's all GE, Google, and every other big name corporation does, find the ways the deduct, move, spend money for deductions etc by paying for a bunch of CPAs. The entire tax code needs to be rewritten but that ain't ever gonna happen . . . It's truly hopeless at this point.
Agreed MSNBC and a lot of CNBC has been left leaning for a long time. Amazingly Reaganesque Kudlow and his show is polar opposite sometimes to ridiculous "free market" levels, and that guy in squawkbox in the morning.
Agreed raising taxes on the wealthy is miniscule compared to the debt. Maybe that poll reflects wealthy worried about public opinion and reports of the increasingly "disenfranchised" voting bloc that voted for Obama. What they will feel is safe to say to clueless pollsters, yet know tax loopholes are still consistent fallbacks. Then you have Cramer proudly showing off his "kick the can" tie and saying the current policies are working insofar that Europe didn't fall off; well maybe good for stocks anyways.
The 60's up to the Vietnam War, seemed to be last periods of national financial stability. Still had a form of progressive tax rates but seemed more fair without all the mess today. The Fed raised interest rates in the year before Reagan was elected. And inflation's rising slope rose markedly after Nixon took off the gold standard. Then the government started the massive spending, lowering the taxes of the wealthy, of which the stimulus worked for a while, maybe up to two decades, but has been completely exhausted by now since the effects of the debt far outweighs and negates or dilutes any hoped for stimulus effects.
Agreed the focus should be the government spending waste, medicare, public sector dependence, etc. but both parties show no sign of addressing except playing for time to kick the can down the road again and redirecting the blame or mutually diffusing it to somehow appease their respective constituents. Not to mention little talk about repatriation of most non-farm jobs that have been lost to the global workforce maybe for the rest of the century.
