Wall Street Abandons GOP — Now Supports Higher Taxes On The Wealthy
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Wall Street mavens may be coming around. Years after they decimated the economy, they are beginning to realize that they need to change not just the error of their ways, but also the way of their errors.
Jamie Dimon, CEO of JPMorgan Chase, now supports increasing taxes on the wealthiest earners, including increasing capital gains and dividends’ taxes. Same for Home Depot’s Ken Langone.
This is where the tea party members will cry. “NOOO… I was just about to make $1,000,000 per year – it’s not fair…”
…much of Wall Street is on-board with some of the tax changes Obama has been proposing. “I would tax dividends and interest income higher and capital gains,” said Dimon. “Have a higher tax rate. If you said there’d be a certain percent rate for people making over a million dollars and a higher percent rate for people making over $10 million, no problem with me. I don’t think people should be able to pass unlimited amounts on to their kids.”
Even Home Depot founder and financier Ken Langone (“You bet I’m a fat cat,” he told me proudly) isn’t arguing for the status quo. “I would enthusiastically embrace a tax increase,” he told me. “I’m more than willing to pay taxes. I’m saying, take the money and use it to lower the debt.” New York Magazine
Yes! It is time. People that make more than $1 Million in a year should not pay 15% tax – period!
It is not just that they support it, they actually state that they understand it is necessary.
For now, however, Wall Street has abandoned the Republican brand, never to raise taxes on anything, anytime, under any circumstances, including inheritance (aka “death”) taxes.
Have we, as a nation, come to our senses. Can we now see the crap the GOP is trying to sell us? I can only dream. Let us keep our fingers crossed.
I really don’t think the problem is the rate. The problem is the tax code so large and full of special cases it would fill a small library.
The taxes should be simple. Add up all income from all sources. Subtract 50k. pay 20% of what’s left.
The numbers can be adjusted a bit, but that would at least bring some sanity to taxes.