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