Majority Of Wealthy Support Tax Increases On Millionaires: Poll

WASHINGTON (Reuters) - Less than a quarter of wealthy Americans support raising taxes on households making $250,000 or more a year, the level being targeted by President Barack Obama, though tax increases further up the income scale have broader support, said a poll released on Tuesday.

Nearly half of those polled approved of income tax increases on discretionary household incomes of $500,000 or more annually, said the poll sponsored by two marketing and publishing companies.

For those earning $1 million or more annually, 65 percent of respondents said they would support income tax increases.

Only 23 percent of respondents said they support tax increases for households making $250,000 a year.

The poll was conducted in September by the Harrison Group, a research and marketing firm, and American Express Publishing Corp., a media subsidiary of American Express Co. It surveyed 769 respondents with minimum discretionary income of $100,000.

Only 43 percent said tax increases would improve the overall economy, while confidence in the economy dropped from 50 percent in September 2010 to 33 percent this year.

The poll found 55 percent of those surveyed do not blame the Obama administration for economic woes.

Obama has called for tax cuts to expire for households earning $250,000 a year. The president is also looking to pass a new levy that would tax Americans earning $1 million or more a year to ensure they do not pay taxes in a lower bracket.

(Reporting by Patrick Temple-West, editing by Kevin Drawbaugh and Gerald E. McCormick)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[MHT73]

08:55 AM on 10/07/2011

Time to get clear about the math, NO ONE is really talking about taxing millionaires' earnings at a higher rate, the issue is whether to tax earnings over certain amounts at higher rates.

Right now anyone who earns over $7,900 gets taxed 10% on earnings up to $24,900 plus 4.2% on Social Security (total 14.2%), no matter how much more they earn. There's no change proposed in that.

for $24.9K to $76.9K, 15% plus 4.2% FICA, for 19.2% total. No change for millionaires on those dollars income.

For $76.9K to $106K, 25% plus 4.2% FICA, for 29.2% total. No change there.

For $106K to $147K, 25% plus ZERO FICA, for 25% total. No change there, and these folks continue to pay a lower tax rate on this band of earnings than on the previous band.

For $147K - $220K, 28% plus ZERO FICA, for 28% max. No change there. Still a lower tax rate on this band of earnings.

For $220K to $387K, 33% plus ZERO FICA. Now at a higher rate, but because everyone with over $220K also had over $100K income at the lower bands, they still aren't paying an average rate that exceeds what those earning a third of what they do pay.

[hgus]

08:01 PM on 10/05/2011

Hey Obama... Where's the Jobs Plan?

Oh... you gave us one, we aren't going to even consider it. Gotcha!!

If you wrote a bill that said Puppies were cute we would filibuster it. Good thing we yelled "where's the plan for 2 weeks".

[Amy Purpura]

06:36 PM on 10/05/2011

The Robinhood Rule: Steal from the rich, give to the poor.

[Marci Economidis]

07:43 PM on 10/05/2011

The hedge fund manager's rule - Steal from Everyone and Keep It. ; )

[hgus]

07:58 PM on 10/05/2011

When you watched the movie or read the book did you root for the king or for Robin hood?

Did you root for Braveheart or the kings?
The Romans or Jesus?

Just asking?

[Amy Purpura]

12:07 AM on 10/06/2011

Its pretty obviously Robinhood and Braveheart. I was never too sure on deciding between the Romans or Jesus because the whole point was that Jesus had to lose before he could come back and win.

[TBinSD]

06:19 PM on 10/05/2011

I think this guy has something to say:

http://www.youtube.com/watch?v=-mAUQYn6DjM

[Marci Economidis]

07:58 PM on 10/05/2011

That guy is hilarious and so right. Thanks for the link.

[Tom Hendricks]

11:30 AM on 10/05/2011

There is another way for the wealthy to show support for your country - and it is outside the government completely, costs very little, ends up helping them in return, and just might jump start the economy in one day. The old solutions - how are they working for you? Time for new ideas.

National Hiring Day - This is a day that corporations are encouraged to hire new employees. Corporations are called on to put patriotism first and help their country in
hard times. Those corporations that cannot hire, are asked to stop firing for that month.
http://wp.me/p5S9X-nv

1. If companies can send thousands of jobs overseas, they can hire one American on National Hiring Day.
2. If companies can get millions in tax breaks and subsidies from the government, they can help it in return by hiring one American on National Hiring Day.
3. With companies sitting on all time high profits, they can hire one person on National Hiring Day - which by the way, would help them in return.

[MHT73]

08:25 AM on 10/07/2011

ONE DAY?

How about corporations - as good, upstanding people - stop shipping jobs overseas, period. How about they start repaying every $100K tax break with two new hires. How about they start buying supplies that are manufactured here in the US, EVERY DAY.

[comhunt]

06:35 AM on 10/05/2011

Can I get my share of the SOLYNDRA slush fund back ? ? ?

[RedDog79]

10:10 AM on 10/05/2011

at least they tried to do something other than complain - what have you done?

[loveshepherds107]

11:01 AM on 10/05/2011

Where is the Republican Job Plan? And didn't they say they were elected and sent to DC on JOB! Where are the Jobs they promised?

[comhunt]

06:33 AM on 10/05/2011

If this was true..........and it isn't........... why don't they send in extra payments ? ? ?

[electrontek82]

04:06 AM on 10/05/2011

Seems like it is always ``raise taxes there and lower taxes there``. that doesn't help much when no one but the lower and middle classes are paying their respective bracket taxes. here is the solution. ``get rid of the loopholes`` everyone will be paying in the bracket that they are supposed to be paying in. The doubters say well what about incentive to hire more workers, or buy new equipment? the incentive is still to make more money and to do such there are operating expenses and expansion expenses, your return on investment is more money once your expansion is complete. Some say no one will hire or expand because they don´t want to pay more tax. you mean to tell me that you don't want to make more money because you´ll have to pay tax on it? that is like saying you don't want to win a million dollars because you don't want to pay the tax on it. the incentive is still there to hire more and expand. it just will no longer be subsidized on the backs of the common taxpayers. it will also bring in more fiscally responsible accounting. who knows, maybe they will be able to LOWER the income taxes for everyone once everyone is paying the correct amounts for their income brackets.

[white53duk]

03:12 AM on 10/05/2011

That's easy for them to "say". They've already bought their own Pol (through a Super PAC) and know that an increase in "rich tax" will NEVER get put in to law.

[doc4fitness]

02:09 AM on 10/05/2011

Most people would be willing to pay higher taxes if we actually cut spending and reformed entitlements and paid down our debt. Outside of the 18 enumerated powers of the constitution, what the Heck are we spending money on?

[Brian Manning]

04:59 AM on 10/05/2011

The Constitution is an outdated piece of paper more than 200 years old that was not written to handle modern situations. There's a lot more than the 18 powers left to spend money on.

[RedDog79]

10:13 AM on 10/05/2011

Like the Bible - the Constitution was written as a guide to assist our country in decision making so our country can continue to be fair and just to all people. This is something that the GOP/TEA party seem to forget. They seem to believe that the Constitution was written only for the rich - when the opposite is actually true - afterall weren't we working to free ourselves from unjust rule, and inequality?

[Marci Economidis]

10:45 AM on 10/05/2011

I don't think getting rid of the Bill of Rights now is a very smart move.

Giant Global Corporations have de facto stolen most of the governments of the world.

That Constitution still speaks for the people. We need it more than ever.

[SkyeinColorado]

07:29 AM on 10/05/2011

Afghanistan, Iraq, Boeing, Lockheed Martin, etc.

[bmutc01]

01:26 AM on 10/05/2011

If the United States values hard work, then why do they punish it by taxing it? Why aren't we taxing consumption rather than income?

[usma84]

02:03 AM on 10/05/2011

Because:

1) consumption *is* taxed in pretty much every state for everything
2) because consumption taxes disproportionately hit the poor and the middle class
3) because the US has just spent decades shifting money from the middle class and the poor into the coffers of the wealthy by eliminating the protections and regulations that were put in place to stop another depression and *did* until they were removed
4) because it makes more sense to tax based upon income because you wouldn't make one penny nor would anyone else if we didn't have a the Internet (government funded), roads and highways (government funded), a banking system (government bailed out, *repeatedly*), computers (microprocessors, you name it, government research grants), 1st world industrialization (government funded via WWII that took us from the 95% agrarian America of 1930 to the 95% non-agrarian society of today), government funded security and safety from police to fire to emergency response at all levels, to -- the list would fill *books* and *books*

Because this is a We society, not a Me society, and you didn't create any of the infrastructure that you get the benefit of and it behooves you as a citizen of this nation to contribute in proportion to your benefit from it back to the system that you and all of US are a part.

It's called personal responsibility, of which the right wing Gophers have none.

[doc4fitness]

02:46 AM on 10/05/2011

Someone pays for that government, and the numbers show that burden is placed on fewer and fewer people. Money has shifted overseas, because regulations and protections are so onorous that it is more profitable to be overseas than here in US. The regulations put in place to stop a depression are actually directly repsonsible for our boom-bust cycles, including central banking, Dodd-Frank, Carter's Community Reinvestment Act, government involvement in student loans, home loans, union bailouts, anti poverty programs, etc.
It makes more sense to tax based on a mix of consumption and income, because you will bring in more revenue that way..... you will capture illegal and black market spending as well, and everyone now has a skin in the game. 2009 48% of federal income tax filers paid no income tax, and 40% paid no FICA because their credits and refunds covered that liability as well.

[bmutc01]

11:11 AM on 10/05/2011

Wealthy people tend to purchase more stuff, so they would generally end up paying more taxes. Also, some states decrease or eliminate the tax burden on "essentials" like food and clothing- a federal system could do the same.

Yes, I absolutely think that people should take more personal responsibility. That should come in the form of internalizing costs of business. Once businesses stop taking advantage of social and environmental externalities, then there is less need for the government to take taxpayer money and fix what the companies have messed up. As far as paying for the infrastructure you mention, businesses would be contributing because every time they purchase computers, property, equipment, or whatever they need, they are paying taxes right back to the federal government.

[RedDog79]

10:17 AM on 10/05/2011

so let me guess - you want no government. that's what no taxes would bring. And in a society as large as ours no government would certainly mean chaos. I'm going to borrow from Elizabeth Warren - it's wonderful for someone to have a successful business -but you didn't build that business without customers, and without being able to ship products on roads/railroads to get those good to market. The security of your building is nothing without the police and fire departments. all of these things comes as a result taxes paid for by the people - and a government that used that money to build the roads/railroads and putting in place the police and fire to prevent chaos. in other words. without the middle class - the rich would be screwed.

[bmutc01]

11:02 AM on 10/05/2011

Did I ever say I don't want taxes? Of course I see the necessity in taxes. That's why I said to tax consumption. In general, more wealthy people buy more stuff. More wealthy people will, therefore, end up paying more taxes. Your argument is irrelevant because you're arguing against something I never even said.

[desertsapien]

12:35 AM on 10/05/2011

I'ld raise taxes on those making over $140,000.
That would and should now include those lousy bureaucrates running the government.

[Carpenter Aunt]

01:19 AM on 10/05/2011

Oh, most of them make a LOT more than that. I also want them to pay into Social Security and Medicare, and have to pay co-pays like the rest of us. Sorry, I was dreaming there for a minute.

[wdc39]

01:51 AM on 10/05/2011

I'm guessing you make $139,500.

[desertsapien]

01:10 PM on 10/05/2011

I wish your guess was true.

[desertsapien]

01:13 PM on 10/05/2011

I would have lowered that amount but was afraid I would be beaten up too much.
The $250K threshold is a way of the bureaucrates saying I will raise taxes on some but not on me.

[stopgov]

12:27 AM on 10/05/2011

Wow what a great survey. The poll asked 796 people earning $100,000 or more if the taxes should be raised on people making $1,000,000 or more. What kind of poll is that? You will note that, as the tax got closer to the "lower income," in this case $250,000, only 23% supported higher income taxes. This poll is useless.

[hgus]

08:17 PM on 10/05/2011

Here is the problem. Americans are ignorant. Those who "make 250,000" think that they have income of $250,000. When in reality they are likely making income of about $125k.

19% Of Americans think they are in the top 2%. Doesn't that tell you that polling them isn't going to produce real results?

[stopgov]

08:45 PM on 10/05/2011

Unfortunately, most Americans have the attention span of about two-minutes. There are very few in-depth discussions on any issue. So the ignorance grows.

If the people making $250,000 or more own their own businesses, people don't realize those people are paying 100% of their healthcare, plus all their expenses (rent, utilities, supplies, materials, etc), plus they are paying 12.4 % for SS (not 6.2% employees pay) and 2.9% for Medicare (not 1.45% employees pay). So you are right, in reality, they may only clear $50,000. I know a businessperson who isn't making a profit (I hope I don't get band for saying the dirty word - profit), and he can't sell it, because of the economy.

[miltjones65]

11:17 PM on 10/04/2011

The really wealthly want to increase taxes on everyone but themselves!

[Marci Economidis]

10:55 AM on 10/05/2011

The really wealthy can pay more in taxes and not even notice it. I'm talking billionaires.

The proposals right now will only raise their taxes 2.5%. Why is that such a big deal?

During the Eisenhower years, the richest people paid up to 90%. And they still did quite well.

????????? I don't understand the problem, here.

[ur2nutty4me]

11:00 PM on 10/04/2011

Sure now their saying it as the wheel starts to turn faster and faster. It's going to take more than a bone of increased taxes to stop this dog from biting.

[rfmaneater]

11:13 PM on 10/04/2011

F&F great comment