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Millionaire Investor Calls for Higher Taxes on the Rich
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| Contributor | RP |
| Last Edited | RP Feb 10, 2012 09:58am |
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| Category | Opinion |
| Author | Morgan Korn |
| News Date | Thursday, February 9, 2012 03:00:00 PM UTC0:0 |
| Description | Venture capitalist and entrepreneur Nick Hanauer has stern words for millionaires -- it's time to pay your fair share of taxes.
Hanauer admits he paid an 11 percent tax rate on an eight-figure income in 2010. He's one of several millionaires speaking out against what he feels is an outdated system that disproportionately benefits the rich at the country's -- and the middle class's -- expense.
Hanauer says keeping taxes low on the country's wealthiest won't boost economic growth or lower the nation's 8.3 percent jobless rate. The economy prospers when the middle class consumes goods, he argues, and businesses will be destroyed if the government cuts programs for the middle class.
"We are systematically destroying our customer base in this country by undercutting the middle class," he says. "If it was true that the rich and business were job creators, we'd be drowning in jobs today." |
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