These Rich People Support Obama's Millionaire Tax

Brian Moynihan Bank Of AmericaBrian Moynihan wants to get taxed more?!

President Barack Obama’s proposed “Buffett Rule” has been nothing short of controversial, and everyone is weighing in on the feasibility of the tax on millionaires and what it means for America. From denouncements of class warfare by Congressional Republication to showers of support from Americans, we’ve heard about it all. The proposed legislation, part of President Obama’s overall deficit reduction plan, calls for raising the minimum tax rate on those who make over $1 million in income per year.

Among the rich, opinions have also been mixed. We’ve heard from those that are against the policy, but there are many who have shown willingness to be taxed to help the American economy out of its rut.

From from hedge fund owner John Arnold to Def Jam’s Russell Simmons, we rounded up their words of support.

Eric Schmidt, Google CEO

'In my case, it is not a particularly big issue because it would not change my behaviour.'

'What matters most is how to improve the growth prospects of the economy... The real problems are when you are not growing.''

Net Worth: $6.2 billion

Source: Reuters/CSM, Forbes

Russell Simmons, co-founder of Def Jam

John Arnold, founder of Centaurus Advisors

Brian Moynihan, Bank of America CEO

Robert Rubin, economic advisor to President Obama, former Citigroup executive and former Secretary of the Treasury

'I would absolutely go back to top rate of 39.6 per cent.'

He added that trimming spending would need to be part of the effort also.

Net Worth: Unknown, estimated at around $100 million

Source: Reuters/CSM

James Simons, founder of Renaissance Technologies

Bill Clinton, former President of the United States

'I don't see it as too draconian to ask us to make up the difference.... The problem is, no matter how much tax we pay, it won't get the budget back in the balance.'

'I don't have a problem with it but I don't think it should become the main event here. I don't mind paying more and I think I should pay more, but how much and under what formula is not nearly as important as our having both an aggressive effort to restore growth today and a 10-year plan that can't just be tax increases because there's not enough money there.'

'We've been helped, we should make our contribution.'

Net Worth: $38 million

Source: Fortune, The Atlantic

Doug Edwards, former Google employee

George Soros, founder of Soros Fund Management

'Warren Buffett is living up to his reputation as an astute investor. The rich hurt their own long term interests by their opposition to paying more taxes.'

Net Worth: $22 billion

Source: Salon

Mark Cuban, owner of the Dallas Mavericks and chairman of HDNet

'What I have a problem with is how the money is spent. If the incremental money could be directed to defined and deserved recipients. I would be thrilled to write the check.

The problem I have is not on the revenue side, its on the expenditure side. Too much money is wasted on bureaucracy, adminis-trivia, pensions and over-expansive federal employment.

So I'm a resounding yes on more taxes, but an attachment to the funding to be directly spent on approved programs. If a program doesn't deliver 95 per cent or better to its intended recipients, it should be put on hold until it does.'

Net Worth: $2.3 billion

Source: Salon

The millionaire tax isn't the only thing Republicans are upset about...

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