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FarLeftFist

(6,161 posts)
Mon Feb 20, 2012, 03:15 PM Feb 2012

Wall Street Abandons Republicans - Now Supports Higher Taxes on the Wealthy.

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.

...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."

It is not just that they support it, they actually state that they understand it is necessary.

The rest: http://www.huffingtonpost.com/paul-abrams/wall-street-tax-_b_1275348.html

12 replies = new reply since forum marked as read
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Wall Street Abandons Republicans - Now Supports Higher Taxes on the Wealthy. (Original Post) FarLeftFist Feb 2012 OP
Yeah sure they do. SammyWinstonJack Feb 2012 #1
I'll believe the rich have agreed to higher taxes when SDjack Feb 2012 #4
+++ Cleita Feb 2012 #5
heheheh. SammyWinstonJack Feb 2012 #7
K & R !!! WillyT Feb 2012 #2
I.e. BumRushDaShow Feb 2012 #3
He'd love to see the capital gains rate set at 20% .... Scuba Feb 2012 #6
They must've figured out a way to offset. yellerpup Feb 2012 #8
Its Code for... SaintPete Feb 2012 #9
It's easy to support something when you know it's not going to actually happen nt msongs Feb 2012 #10
Bottom line - they will still be VERY RICH Hugabear Feb 2012 #11
The wealthy could always make donations to the national debt BadgerKid Feb 2012 #12

SDjack

(1,448 posts)
4. I'll believe the rich have agreed to higher taxes when
Mon Feb 20, 2012, 03:30 PM
Feb 2012

I see their lobbyists buying off members of congress, esp. Republicans, to raise taxes on the rich.

BumRushDaShow

(128,962 posts)
3. I.e.
Mon Feb 20, 2012, 03:24 PM
Feb 2012

they looked around and discovered that they had taken all the blood out of the turnip people around the world and no one could afford to buy their products or services anymore due to lack of income. So after sitting on $3 trillion dollars, they figure they could maybe cough up a couple tens of billions over the next decade or so to keep whoever is left from completely going under....

 

Scuba

(53,475 posts)
6. He'd love to see the capital gains rate set at 20% ....
Mon Feb 20, 2012, 03:33 PM
Feb 2012

... before there's enough backlash to get it set it at 50%.

SaintPete

(533 posts)
9. Its Code for...
Mon Feb 20, 2012, 03:39 PM
Feb 2012

"Oh FUCK, that loon Santorum's actually going to represent the GOP in November...we think we're gonna stick with the known (sane) commodity on the Dem (sane) side of the field, thank you very much"

Watch for an uptick in contributions to Team Obama...

Hugabear

(10,340 posts)
11. Bottom line - they will still be VERY RICH
Mon Feb 20, 2012, 03:48 PM
Feb 2012

Doesn't matter if taxes are raised - they would still be very, very rich.

It's not as if there are any proposed tax rates that would transform these fatcats into paupers.

BadgerKid

(4,552 posts)
12. The wealthy could always make donations to the national debt
Mon Feb 20, 2012, 03:57 PM
Feb 2012

in the current absence of higher taxes/tax rates.


The Bureau of the Public Debt may accept gifts donated to the United States Government to reduce debt held by the public.

http://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm
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