Poll: Should Millionaires Pay Higher Taxes?

President Obama's budget, unveiled while he was in Annandale on Monday, calls for higher taxes on the wealthiest Americans.

President Barack Obama’s 2013 budget, unveiled Monday while he was , calls for increasing taxes on the wealthiest Americans.

In Annandale on Monday, Obama said, "We can settle for a country where a few people do really, really well and everybody else struggles to get by or we can restore an economy where everybody gets a fair shot, everybody does their fair share, everybody plays by the same set of rules."

Specifically, Obama proposes a much higher tax rate on dividend income of the wealthiest taxpayers and a Buffett Rule to increase taxes on millionaires.

Some pundits have said that in an election year with a divided Congress, almost any budget proposal is dead on arrival. And, in fact, Republicans are already calling Obama’s proposed budget a gimmick.

In late December, a CBS poll revealed 60 percent of American voters support raising taxes on millionaires. About 35 percent said they did not support a tax hike and about 5 percent said they were not sure.

Where do you stand? Comment below.

11 February 15, 2012 at 06:44 PM
This is a poorly worded poll question. The correct answer is "Both A and B". Yes, they can "afford" the extra tax burden AND it will negatively impact the economy and job creation as the money is transferred from the private sector to the public sector.
Will Radle February 15, 2012 at 08:02 PM
Real economic growth remains the core issue. Right now inflation is outpacing our rates of GDP growth. I encourage Patch readers to review the rates of growth we achieved since the 1930's through the Bureau of Economic Analysis' data. A couple of links you may want to review: http://www.bea.gov/national/index.htm#gdp and in plain Englsh: http://www.infoplease.com/ipa/A0104575.html By looking at these data, you can see we very nearly tripled our economy in the 1940's, going from $101.4 billion to $293.8 billion, and more than doubled our economy in the 1980's, going from $2,789.5 billion to $5,803.1 billion, with heavy government investment focused on military spending. My plan invests heavily into human capital through education and health care to improve our quality of life while eliminating the deficit and reducing our debt. As I wrote in 2010 on page 3 of Solutions, "Real economic growth is the key to America’s success as it represents greater opportunity for every American, reduces poverty and human suffering, and generates more government revenues at the same or lower tax rates. I propose we seek to double our economy at least once per decade rather than once every twenty-four years." It's time to move forward. Don't you think? A. Will Radle, Jr. www.VA8.com
Ben Glass February 16, 2012 at 12:53 PM
You could tax all of the millionaires at 100% and it wouldn't make a dent in the deficit. What we should be doing is asking ourselves "how did the become millionaires?" "What are their habits?" How much time do they spend reading/learning/working in their businesses vs watching "American Idol?" Most millionaires did not get that way by birth or luck... instead, most made very calculated decisions about how the spend their time and their resources.. So..we should be studying millionaires... Thomas Stanley's "The Millionaire Next Door" is a fantastic read on this...
Locally Involved February 16, 2012 at 02:34 PM
You're absolutely right Ben Glass, you could tax all the millionaires 100% and it would have barely a ripple. Though, it is revenue and therefore it would contribute to reducing the deficit, but there is no singular silver bullet. To not end the Bush tax break is short sighted to the benefit of a very few. Millionaires should be taxed at a rate that is fair. Millionaires should not receive special tax treatment simply because they are millionaires (aka 15% capital gains). Tax rates today are the lowest they have been in 50 years. Part of the problem with the size of our deficit is because of the lack of tax revenues, especially over the past 10 years and a growing retirement class. C'mon - taxes were higher in the 1950's - and that didn't hurt growth. Taxes were higher in the 1990's - that didn't hurt growth. Heck taxes were higher and were raised 8 times in the 1980's and that didn't hurt growth - but combined thru out this time, these higher taxes DID contribute to our ability to actually have a surplus in 1999. Taxes were the lowest they had been in 2000's - and there was NO growth (I challenge everyone to simply look at the Stock market start on Jan 19 2000 and it's end on Jan 19 2009 - where's the beef? NONE. So therefore the argument that having the 330,000 HH (approx, 900k individuals) in America that earn $1MM+ pay more than 15% capital gains in taxes will hurt economically is malarky. But it WILL contribute long term to helping the country.
T Ailshire February 18, 2012 at 10:43 PM
When do you suppose the administration will realize that $250K a year does not a millionaire make? Tax the rich, if you think your election chances can stand it, but also be aware of who the "rich" are. Better yet, quit wasting money, and quit budgeting more than you're taking in. Seems there are valid compromises to be made here, but doing so would not provide fodder for election advertising.


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