A new survey from the Spectrem Group found that 68 percent of millionaires support raising taxes on those who make at least $1 million a year.
The astonishing numbers could cause more problems for congressional Republicans, who are staunchly opposed to President Obama’s “shared sacrifice” plan that would impose a relatively small surtax on those earning $1 million or more.
Polls already show that the millionaire’s tax enjoys majority support from the nation’s Republicans and enjoys astronomical backing from independents and Democrats.
Referring to multi-billionaire Warren Buffett’s assertion that the rich should pay more than their underlings, the head of the Berkshire-Hathaway investment house also agreed that he should pay a higher income tax rate than the people who work for him.
Because it was funded by the proposed millionaire’s tax, Senate Republicans and some moderate Democrats stopped the president’s jobs bill in its tracks.
Republicans are also reportedly refusing to consider any tax increases in the on-going Super Committee debate over how to cut the federal deficit/debt by at least $1.2 trillion. A Democratic plan unveiled Wednesday was immediately dismissed by GOP leaders who said no tax increase will be considered.
The super committee is facing a deadline of November 23.
If no deal is struck then, large cuts to discretionary spending and defense spending will automatically be implemented.
