Thursday, October 6, 2011
Majority of Millionaires Support Millionaire Surtax: Survey
This is an interesting article that explains how Americans from different income classes feel about a millionaire tax. A survey done by the Harrison Group showed that as income increase, people are more likely to support a millionaire tax. That is, a person who has an income of more than $1 million is more likely to support the tax than a person who makes $100,000.
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It makes sense that millionaires support increasing tax on themselves.
ReplyDeleteFor very rich people, a increasing amount of tax won't be too influential to their life. They are rich enough to keep their life the same even with the higer tax.
Also, I think many of these people hold their own business or invloved in. Compared to other people, maybe they are more looking forward the economy to be cheered up, and they know this "taxing rich" proposal will help it.
This article is very surprising. One would obviously expect them to be against that. Our current progressive tax system is pretty efficient but things like the millionaire tax are touchy, gray areas. With the amount of time it takes to get anything done in the political world I would be surprised if we see any leeway on this topic, even if most of us would like to see this change implemented.
ReplyDeleteI find it very interesting that more millionaires than non-millionaires support a tax increase on millionaires. The article says that the proposed tax increase on millionaires would cover the cost of President Obama's proposed jobs bill. This may increase the chances of being able to pass this bill. As Scarlet pointed out, this could help the economy and it is possible that that is why the wealthy are behind a tax increase. While an overall tax increase would not be good given the current economy, a tax on those who can afford to give more to the government would be beneficial without causing anybody's livelihood to decrease.
ReplyDeleteThis article, though surprising, is definitely an important piece of information to pay attention to. With all of the rhetoric in Congress about what constituents will and will not compromise on, it is important that this article actually asked what they would agree to, with surprising results. It will be interesting to see how Republicans take this new data to light, and whether they will try to stick with their party morals or follow the opinions of constituents. Probably one of the reasons why Republicans are against the proposal is also because, as Alyssa pointed out, this would enable Obama's jobs proposal.
ReplyDeleteIt makes sense though if people are making more money they are more willing to pay higher tax. Since it won't really hurt them compared to people who are making less money.
ReplyDeleteThis can help boost the US economy.