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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWall 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
SammyWinstonJack
(44,130 posts)SDjack
(1,448 posts)I see their lobbyists buying off members of congress, esp. Republicans, to raise taxes on the rich.
SammyWinstonJack
(44,130 posts)WillyT
(72,631 posts)BumRushDaShow
(128,962 posts)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)... before there's enough backlash to get it set it at 50%.
yellerpup
(12,253 posts)I doubt they'd come around otherwise.
SaintPete
(533 posts)"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...
msongs
(67,405 posts)Hugabear
(10,340 posts)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)in the current absence of higher taxes/tax rates.
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