Higher taxes haven't hurt the rich at all
Roughly 75% of America's wealthy are spending just as freely as they were before the fiscal cliff, a new survey finds.
Please tell us again how increasing taxes on the wealthy will completely bulldoze the economy and crush conspicuous spending. We couldn't hear you the first time over all the card swiping and receipt printing.
Before the New Year and the fiscal cliff debate, wealthy Americans not named Warren Buffett and their non-wealthy free-market advocates warned that taxing the rich would halt economic recovery and send the well-heeled packing their bags for greener pastures. On Wednesday, however, CNBC uncovered a survey that not only called that argument scatological, but found that taxes haven't affected spending by the majority of wealthy Americans in the slightest.
The Shullman Luxury and Affluence Monthly Pulse found that 55% of people making $500,000 or more said higher taxes have not impacted their spending plans. Lower that income bar to those making $250,000 a year -- the group President Barack Obama initially wanted to raise taxes on before Republican opponents haggled the new individual threshold for income tax hikes up to $400,000 -- and a full 61% said taxes have not dented their spending plans.
But wait, that must just mean they're not saving as much, right? No. Fifty-nine percent of those making $500,000 or more and 64% of the $250,000-plus earners said higher taxes haven't changed their investment strategies. Maybe they're throttling back their charitable offerings? That supposes that the rich aren't terrible at donating to charity in the first place, but the survey humored them a bit and found that 55% of the $500,000-or-more club and 62% of their $250,000-a-year counterparts weren't going to let taxes affect their giving.
But those aren't overwhelming majorities, so someone must be feeling the pinch, right? Not as many as you'd think. Less than a quarter of high-wage earners said they'd reduce spending as a result of taxes.
So what happened to all that pre-election, pre-cliff bluster about the rich not feeling rich anymore and being persecuted by looming tax hikes? Well, as a sporting goods company with dubious sponsorship partners so inelegantly stated, “winning takes care of everything.” Though about a third of those making $250,000 are pessimistic about the economy, another third are very optimistic about the economy. Among those numbers, those who own businesses are way more optimistic than those who don't.
The rich appreciate all the support through those trying fiscal cliff days but, if you'll excuse them, they have a few more things to shop for before they'll have time for you again.
Many of you still don't get it. The wealthy GAINED during the whole recession at the expense of everyone else. I bought real estate and businesses on the cheap and now they're beginning to bloom. Buying the survivors after most of the competition bit it during the recession leaves plenty of growth. Business is up, rents and leases are soaring, and the stock market is icing on the cake.
When you have investable assets, you can time any market. Buy low and sell high.
I can't wait for the Supreme Court to tell us that federal law requires us all to be treated as equals (gays, non-gays, people of all races, rich, poor, middle class). Marriage to anybody and equal treatment under federal law. Not only does this sound good it is the morally correct thing to do.
Eliminates the need for special definitions in the Equal Opportunity laws that define certain (former) minorities as automactically "disadvantaged" and thus qualifying for special fed program money. We all get treated the same.
But, most of all - EQUAL TAX RATES FOR ALL! Why shouldn't we all really be equal and pay the same rate? See how the Supreme Court wiggles out of that - it will likely come before them sooner rather later and this gay right agenda is a great case for fixing so many things wrong with our system.
Let's see of Equal really does mean Equal or if it only applies when it benefits whiners.
"Lower that income bar to those making $250,000 a year -- the group President Barack Obama initially wanted to raise taxes on before Republican opponents haggled the new individual threshold for income tax hikes up to $400,000 -- and a full 61% said taxes have not dented their spending plans."
Well duh, of course taxes haven't affected the $250,000 crowd; they weren't affected by the tax increases.
I look at a lot of tax returns with what I do. Maybe its just here in the Northeast, but the rich really cheat on taxes. If they show 400k on paper they are usully hiding another 100k. How many of these dudes own a business and run all of there car leases through it when its actually their kids in out of state colleges and spouses, girlfriends driving them.
I can tell you they like to use those corporate credit cards for haircuts, groceries,, vacations, etc you name it.
All of this comes off of the bottom line for the business as an expense...its really just tax free income.
...Just an observation.
This is the biggest bunch of crap I have ever read. What about the 45% who make over $500,000 who will stop charitable giving, and the story you wrote about the rich not giving is crap. You are playing with the numbers. You didn't look at people who itemize and just about everyone who makes over $500,000. itemizes. MSN you are propaganda artists. It's the people who make the money who give the large sums of money to charities, often through trusts, which MSN also didn't look at. Call any charity organization and you will find that 10% give 80% of the money they receive.
The new tax rates have not kicked in yet, nor has the inflationary money printing, but like a hurricane it will come and the consequences will be devastating. Charity always begins at home for everyone, saying me and mine first.
My taxes are going up this year and yet I am probably pushing about 15% gain overall in paper profits for the year and it's only March. Increased income will easily pay for increased taxes.
It's not that I like taxes anymore than anyone else does, but having a surplus of funds and income exceeding expenditures gives a lot of leeway. Besides, it's not like I "worked" for the money anyway. Who needs to work when your investments pay for everything and then some.
Typically over a Thousand Dollars (real 'precious metal backed' dollars) 'each', prior to the Civil War. Today the humanity value is no longer a true Asset. With ever increasing Govt Regulation and assessed responsibility assigned to the modern 'slave Owner' of today, An employee, the relative equivalent of yesterday's 'Slave', is now approaching a distinct 'Liability'.
Noted is in the rise in discarded employees, laid off work force, with historic Disability roles burgeoning by a quarter million ...per month, to say nothing of the Federal/state Welfare roles at record increasing rates.
When a machine reaches the end of it's productive life, it is recycled. Not so, with a working human, who, unless they have wisely saved and invested for their Own future, then becomes a Liability, a Burden on Society. Even more so with a perpetually dependency addicted human and their prodigious Spawn, who quickly becomes distinctly unwanted Ballast on a Sinking, overloaded ship.
What a son a bitch snot nose left wing nut thie writer of this article is and it shows how clueless the left is. The spectre of higher taxes is realized thorugh an underemployment rate of 15%andthat middle class america has seen a decline in inflation adjusted disposble income. YThe rich are not cutting back on spending because they cut back on employees. Stock option values are rising because that turkey of a Federal Reserv echair is stuffing money into the economy so stock prices rise and the wealthy get wealthier.
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Market participants went into today's session expecting to hear some new insight from Fed Chair Janet Yellen, who delivered the keynote address at this year's Jackson Hole Symposium. Unfortunately, the ... More
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