Wealthy Americans: Tax the rich (and, by the way, we are not rich)

Oct. 5, 2011 at 8:08 AM ET

The majority of wealthy Americans agree with raising taxes on very rich people like Warren Buffett, but they're less enthusiastic about raising taxes on other six-figure earners.

A little less than a quarter of wealthy Americans support raising taxes on households that earn $250,000 or more per year, according to a new survey from Harrison Group and American Express Publishing Corp.

But nearly half said the income tax rate should be raised for people who make more than $500,000 a year.

In addition, about 65 percent were in favor of the “Buffett Rule,” which calls for income tax increases on those who make more than $1 million a year.

The two companies surveyed about 800 people in September who have discretionary income of $100,000 to more than $1 million per year.

About four in 10 of those surveyed believed tax increases would improve the overall economy.

The general population is much more supportive of raising taxes on all wealthier Americans. A Gallup poll released last month found that two-thirds of Americans favored raising income taxes for individuals making more than $200,000 a year and families earning more than $250,000 annually.

President Barack Obama has called for increasing taxes on the nation’s wealthiest people as one way to deal with the nation’s bulging budget deficit.


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