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  • Obama Says Most Millionaires Willing to Pay Higher Taxes, Urges Jobs Plan

    From bloomberg.com

    President Barack Obama again urged Congress to pass his jobs plan, saying most millionaires “are willing to step up” and pay higher taxes to support it. In his weekly radio and Internet address Obama cited a survey, though not by name, taken in October of Americans with $1 million or more in investments by Spectrem’s Millionaire Corner, an investing website. The survey found that 68 percent of those polled said that taxes should be raised on people making a million or more in income. “In this country, we don’t begrudge anyone wealth or success -- we encourage it.  We celebrate it,” Obama said in the ... (full story)

  • Comment #1
  • Oct 30, 2011 11:59am Oct 30, 2011 11:59am
Lol, I doubt that.
  • Comment #2
  • Oct 30, 2011 12:05pm Oct 30, 2011 12:05pm
Why doubt? Don't you expect millionaires to have moral principles too?)
"Luxury is one of the basic needs", (c), Don Corleone
  • Comment #3
  • Oct 30, 2011 12:31pm Oct 30, 2011 12:31pm
oh wow, he must have talked to most of them. now that's a president taking his job seriously. but what about the billionaires, eh?!??? are they willing to pay taxes or what...
Nihil Sine Deo.
  • Comment #4
  • Oct 30, 2011 12:33pm Oct 30, 2011 12:33pm
@Yao, isn't it better to pay a little more in taxes for those who have money and save there fortune than to let their country to go down the toilet and maybe loose it all? It's a small investment for someone who already have a lot.

To me it seems very healthy to raise the taxes, the taxes in the US is very low compared to Sweden where we have 30 % on a normal yearly income. Even higher if one earns more, but only on the difference over a certain yearly income.
  • Comment #5
  • Oct 30, 2011 12:43pm Oct 30, 2011 12:43pm
It's not the taxes I mind so much as it is the way our gov is spending our tax dollars.......
  • Comment #6
  • Oct 30, 2011 12:52pm Oct 30, 2011 12:52pm
In 1961, the highest marginal tax rate in the US was 91%. That's when the US built the infrastructure that ran the country for the next 50 years that is crumbling today, in 1974 the highest marginal tax rate in the US was 74%, in 2011 the highest marginal tax rate is 35%, hmmmm....
Yay! Pips for everyone!
  • Comment #7
  • Oct 30, 2011 2:25pm Oct 30, 2011 2:25pm
Those who want to pay more are welcome to do so (http://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm)
  • Comment #8
  • Oct 30, 2011 2:38pm Oct 30, 2011 2:38pm
He is doing everything right to get buisness owners in US to leave the country. Hence the de industrialization of America.
Riding the order flow
  • Comment #9
  • Oct 30, 2011 3:23pm Oct 30, 2011 3:23pm
All of these foreign miillionaires who don't give a crap about this country (schools, roads, etc.) refuse to pay higher taxes; they just want to plunder this country's wealth and eventually leave....they don't give a damn if this country crumbles away.
All of the jobs that created the strongest middle class this world has ever seen are going to other countries......while the republicans defend it.
Quoting JLinder
To me it seems very healthy to raise the taxes, the taxes in the US is very low compared to Sweden where we have 30 % on a normal yearly income. Even higher if one earns more, but only on the difference over a certain yearly income.
I assume you're from Sweden, 30% for Sweden isnt a lot, given you guys have like free healthcare, and a huge social package 10x bigger that Americans have. I thought its more like 45% on average.
Quoting Binyamin
He is doing everything right to get buisness owners in US to leave the country. Hence the de industrialization of America.
Then why is Warren Buffet advocating higher taxes for top 1%? Any business owner you know who's wealthier than Warren Buffet?
Quoting Pipsforall
In 1961, the highest marginal tax rate in the US was 91%. That's when the US built the infrastructure that ran the country for the next 50 years that is crumbling today, in 1974 the highest marginal tax rate in the US was 74%, in 2011 the highest marginal tax rate is 35%, hmmmm....
True, because taking more of someone's money makes them wealthier. So if you want socialism, you shouldn't be trading the "free markets". The biggest difference between then and now - back then, there were a TON of tax shelters. NOBODY paid 91%.
Quoting Aerton
Then why is Warren Buffet advocating higher taxes for top 1%? Any business owner you know who's wealthier than Warren Buffet?
He doesn't run much of a business like the poster was talking about. He is speaking of manufacturing - not trading or paper pushing like Buffet does. Besides, if the fat old tard wants to pay more taxes - he can either cut a check, or stop paying himself in dividends and pay himself in a salary......like his poor old secretary.
Quoting clockwork71
not trading or paper pushing like Buffet does. Besides, if the fat old tard wants to pay more taxes - he can either cut a check, or stop paying himself in dividends and pay himself in a salary......like his poor old secretary.
Voluntary payments aren't the answer. Just like volantary recycling or cutting emissions. Either it should be required of all, or those who couldn't care less get an unfair advantage. Sort of like China benefits from European environmental efforts which make Europe less competitive within the WTO
"Luxury is one of the basic needs", (c), Don Corleone
  •  Guest
  • | IP XXX.XXX.139.75
for those earning million to be tax higher its a perfect plan esp they are willing to....firstly, it will gather effect to strengthen the power of USD and in long run, secondly the rich ppl will be able to earn more from trade..y not for them? u see, USD have been strengthening when obama plans to install this system.. so when it actualise..it will strengthen more..but only recently euro crisis comes that makes things all upside down again..
I just don't understand those of you here who obviously aren't part of the top 1% and apparently are still against raising taxes for the richest, so that wealthy people pay more (donating won't solve anything). Perfect slaves?
  •  Guest
  • | IP XX.X.168.247
Binyamin-- American manufacturing started leaving before Obama ever got into office.
  • Comment #18
  • Oct 30, 2011 11:17pm Oct 30, 2011 11:17pm
Quoting Aerton
I just don't understand those of you here who obviously aren't part of the top 1% and apparently are still against raising taxes for the richest, so that wealthy people pay more (donating won't solve anything). Perfect slaves?
Just because we are not the 1%, doesn't make it right to steal from them. There is nothing inherently wrong with being rich, and a person should not be punished for being successful. It is absolutely the wrong way to go, IMHO.
  • Comment #19
  • Oct 30, 2011 11:32pm Oct 30, 2011 11:32pm
If you were wealthy and your father kept asking you for money and you continually gave it to him knowing all well that he was giving the money to your lazy, under-achieving brother... how long do you think it would take for you to lose your motivation to achieve and accomplishment if you knew that it was just going to wind up going to your brother? do you get the point now?
  • Comment #20
  • Oct 31, 2011 12:10am Oct 31, 2011 12:10am
Then why tax the wealthy at all? Let's lower the taxes for the rich even further, and double tax the poor, cause they're lazy.
Still nobody can tell me why is the worlds richest man, who's far from being crazy, repeatedly suggesting rising taxes for the top 1%?
  • Comment #21
  • Oct 31, 2011 12:28am Oct 31, 2011 12:28am
Quoting Aerton
Then why tax the wealthy at all? Let's lower the taxes for the rich even further, and double tax the poor, cause they're lazy.
Still nobody can tell me why is the worlds richest man, who's far from being crazy, repeatedly suggesting rising taxes for the top 1%?
You're not getting the point. How do you get "taxing the poor because they are lazy" from what anyone in this thread has said? Taxes are a drain on the economy, no matter how you slice it. How much of a drain they are, and what "higher" purpose they may serve is a matter of debate, but the fact that taxes are bad for economic growth is not disputable.

As to why one of the world's richest men is suggesting raising taxes on the top 1%, I do not know his reasoning. I would guess that he believes the benefits (paying down debt) outweigh the risks (crashing the economy). In any case, being rich does not necessarily make him a good policy maker. Furthermore, there are plenty of rich people who do not agree, even though they wouldn't be affected by the tax (i.e. not US citizens).
  • Comment #22
  • Oct 31, 2011 12:57am Oct 31, 2011 12:57am
Obama should focus on consumer side economy - by lowering down the tax rate for everyone. Higher dispossable income brings higher consumption , investment, saving , export and import - whosoever disagree with me needs to retake Econ 101.
  • Comment #23
  • Edited 1:24am Oct 31, 2011 1:10am | Edited 1:24am
Quoting Aerton
Then why is Warren Buffet advocating higher taxes for top 1%? Any business owner you know who's wealthier than Warren Buffet?
Because Buffet and the banking elites are the same bunch. I know one richer than buffet. Ghadafi fyi. He was worth 300 billion and there are others not reported.

Buffet has advocate population reduction.
He has advocate using vaccines to sterilize.
He has advocate moving jobs out of America.

He is also chanting the same things the criminal banksters wants. Which indirectly will cause destruction of America. These people are after power not just money.

Buffet will never suggest increasing tarrifs on china goods to bring back American jobs or making government smaller, or how about bringing back the American troops and focus on American problems and balancing the American budget. Those are the real issues these crooks will avoid.
Riding the order flow
@fierceman and @binyamin:

There are plenty of YouTube videos of Buffett explaining his reasoning.
Don't you think it's a good idea to actually listen to what someone who not only is the wealthiest (officially, there are wealthier drug lords I'm quite sure) person in the world? Maybe, just maybe, he knows what he's talking about?
Quoting Pipsforall
In 1961, the highest marginal tax rate in the US was 91%. That's when the US built the infrastructure that ran the country for the next 50 years that is crumbling today, in 1974 the highest marginal tax rate in the US was 74%, in 2011 the highest marginal tax rate is 35%, hmmmm....
This is good enough that it deserves to be read a second time. And for those that fear the rich fleeing the US... where are they going to go? To Europe? To China? To India?

The bottom line is the money to pay for the federal budget needs to come from somewhere. We could try the "starve the beast approach", by cutting everything. What is clear is that we would have an immediate short term disaster. What is not clear is that this approach has ever worked in the past or that we would have a clear cut long term solution.

And if taxes as a thing in themselves were bad, then the super economies of today would not have taxes. But as I look the world over, I see no examples of the taxless superstate. Or even a taxless state.
We'll see, but I do not remember U.S. having any trillionaires? ... so it's not much they could change ...
By that token they should probably stop taxing me. I know that what I pay makes no difference to the country, but it really does make a bit of difference to me.
  • Comment #28
  • Oct 31, 2011 10:58am Oct 31, 2011 10:58am
Quoting Binyamin
He is doing everything right to get buisness owners in US to leave the country. Hence the de industrialization of America.
Binyamin you're absolutely correct. Each new regime either Republicrats or Demopublicans are promoting the same agenda. They are two wings on the same bird.
If you don't want to live in a country that taxes its citizens, then go live in Somalia.
willing to pay higher taxes my ass........."sureeeeee here, take more of my money!"
Quoting Aerton
I assume you're from Sweden, 30% for Sweden isnt a lot, given you guys have like free healthcare, and a huge social package 10x bigger that Americans have. I thought its more like 45% on average.
Yep, it's correct I'm a Swede =)
Around 30 % is the average, one can earn up to about 18 000 SEK/year without paying taxes at all. If one earns over 383 000 SEK/year there's an additional 20% and over 560 000 SEK/year an additional 5 % in taxes (a total 25 % extra) on every SEK over these amounts.
Yeah we have a almost free health care system, on the downside the queues are very long for many operations. But I it's worth it so that everybody, even the poorest can have that knee surgery or whatever they need.
  • Story Stats
  • Posted: Oct 30, 2011 11:50am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 31  /  Views: 3,066