Skip to comments.Raise Taxes to Fix the Wealth Gap, Millionaires Say
Posted on 05/06/2014 10:08:55 AM PDT by SeekAndFind
In the heated debate over inequality, the wealthy are usually portrayed as the cause rather than the solution.
But CNBC's first-ever Millionaire Survey reveals that 51 percent of American millionaires believe inequality is a "major problem" for the U.S., and nearly two-thirds support higher taxes on the wealthy and a higher minimum wage as ways to narrow the wealth gap.
The findings show thatfar from being a purely self-interested voting blocAmerican millionaires have complicated views when it comes to the wealth gap and opportunity in America. They are unashamed of their own wealth and attribute their success to hard work, smart investing and savings. They also believe that anyone in America can get wealthy if they work hard.
Yet millionaires also believe that cultural and family issues prevent many Americans from climbing the wealth ladder. They advocate improved education, higher taxes on the wealthy and better savings incentives for the poor and middle class as important changes that would reduce inequality.
The CNBC Millionaire Survey polled more than 500 people with investable assets of $1 million or more, which represents the top 8 percent of American households. The respondents came from around the country and were split between Democrats, Republicans and Independents.
(Excerpt) Read more at nbcnews.com ...
uh...that’s been tried over and over during Obama’s tenure...and the gap is getting worse.
Doesn't matter how much money you give to people who spend every cent they get their hands on, they will never have "wealth."
The Treasury Department’s open and takin’ checks every day, fellas.
Someone send these “millionaires” the Treasury Dept’s address and let them know they are free to give as much as extra they would like, no one is stopping them.
That will work.
The millionaires will become poor and the gap will disappear.......................
What’s really annoying about this is that anyone (not just millionaires) can raise their taxes unilaterally. And not just by making an additional contribution above and beyond what they owe. They can put their money where the mouth is and not take any deductions, credits, etc. to lower their tax rate.
These people should start a pledge to not take any deductions or credits going forward. I won’t hold my breath waiting for that to happen.
Since when did all these damn millionaires become Marxists?
Whenever a story like this pops up I remind my liberal friends that it is not against the law to liquidate their assets and forward them to the Treasury Department anonymously.
Seriously. If they are so guilty over their wealth, give it to me for hell’s sake. I won’t shed a tear about it. Otherwise, have them give it all to the Treasury Dept. and stop bitching.
If ALL the wealth in the world was evenly distributed within one generation it would all be back the way it was before. Most people have NO CONCEPT of what to do with money other than spend it.
They talk their line of BS but talk is cheap!!!! The US Treasury will accept checks from them to make up the “gap” they perceive
BOTTOM LINE-— These frauds talk big about paying more taxes to get more social acceptance with others. Could be their wife making them do this. Who cares...they are lairs. Par for the course for libs
When they became beneficiaries of corporate trusts.
Telling highly productive (wealthy) people to stop being so productive for their fellow humans (by increasing their taxes) is ultimately stupid.
Did you ask them if they’d consider just writing million dollar checks to 500 random strangers? Well, did ya?
I doubt the taxing wealth will narrow the gap - giving it to most poor people will result in getting it back in some form or another within a short time - it would just complicate the wealth game.
They (the wealthy) believe that anyone in America can get wealthy if they work hard.
And yet ...
... millionaires also believe that cultural and family issues prevent many Americans from climbing the wealth ladder.
The conclusion ... the wealthy cannot put together non-contradictory assertions.
I think we need to chop off the legs of tall people below the knees to fix the height gap.
1M of investable assets is nothing. Our family has that, after a lifetime of setting aside as much as we could afford. And, it's still not enough to maintain a middle-class living in the face of taxes and inflation, for 20-30 years of retirement. If we had been able to invest our Social Security taxes -- even just in long-term government bonds -- we would have doubled our investable assets.
But, we don't own a business, and I doubt many of those sampled in this poll own a business. Otherwise, they wouldn't be advocating an increase in the minimum wages.
However, if they don't believe they are paying enough taxes, there's a simple solution: you can write a check to the government. More likely, they believe that they can evade any increase in taxes "on everyone else".
Tell them we want a wealth tax instead of an income tax and see how quick these millionaires change their tune. These A-holes made it to the top and now want to make sure no one else can earn his way up.
How about a wealth tax instead of an income tax?
95% of wealth exceeding 10 million US dollars is taken?
So, half the rich sampled have things to do with their wealth, and the other half lack imagination?
surveyed: “investable assets of $1 million or more”
These jerks do not understand the difference between income and wealth. Wealth is capital, income is a means to accumulate wealth. When you target income, you disarm anyone attempting to gather wealth, nothing more.
Yeah, If I were sitting on a few hundred million, I’d have no problem with the income taxes on the upper income earners going up to 99%, as long as I was out of the salary stream.
Yes, inequality IS a big problem here. Social unrest and possibly chaos could be the result. Plenty of historical examples point to this.
The way to address this problem is, and always has been, to employ the free market in all areas of our lives. I mean the really free market. Devoid of onerous regulation, multitudes of senseless laws, and the hostile legal environment.
Strictly adhering to the letter and spirit of the Constitution would be a great start.
Under a free market system,
all those who might “riot” because of inequality
are too lazy to get off their butts and do so.
this is NBC, so this is a poll of Marxists who live in NY and maybe kalifornica. has no meaning or credibility.
We have a winner! Too bad so-called journalists are too clueless to ask this question. Hey, how about a wealth tax instead of an income tax? Watch them back away from that.
Income taxes keep the aspiring upper middle class riff-raff out of their neighborhoods. Calling for higher taxes makes the rich elite feel good about themselves and fool the ignorant who think these jerks really care about the poor.
They think they are too smart and powerful to get caught. A certain part of the French aristocracy had the same mistaken belief.
No pay, no vote.
why even raise taxes then? just have the millionaires who feel they have too much money give it all up. Problem solved.
Fortunately, the wannabes outnumber the already-got-its yearning for social acceptance.