Morgan Stanley Executive Calls For Higher Taxes On The Rich: We Cannot Cut Our Way To Greatness
Several wealthy bankers, investors, and entrepreneurs have called for higher taxes on the rich as an important part of reducing the nations deficit, led most prominently by Warren Buffett. It is mathematically impossible to invest enough in our economy and our country to sustain the middle class (our customers) without taxing the top 1 percent at reasonable levels again, wrote wealthy entrepreneur Nick Hanauer in an op-ed last week. Significant tax increases on the about $1.5 trillion in collective income of those of us in the top 1 percent could create hundreds of billions of dollars to invest in our economy, rather than letting it pile up in a few bank accounts like a huge clot in our nations economic circulatory system.
Joining the list of those in financial positions of power that are calling for higher taxes on the rich is Morgan Stanley Chief Financial Officer Ruth Porat who, as the Huffington Posts Bonnie Kavoussi reported, said over the weekend that its inappropriate that income inequality in the country is continuing to grow while taxes on the rich stay low:
The wealthiest can afford to pay more in taxes. Thats a part of the deal. That makes sense. I dont know anyone that doesnt agree with that, Porat said. The wealth disparity between the lowest and the highest continues to expand, and thats inappropriate. We cannot cut our way to greatness, she added.
Several wealthy bankers, investors, and entrepreneurs have called for higher taxes on the rich as an important part of reducing the nations deficit, led most prominently by Warren Buffett. It is mathematically impossible to invest enough in our economy and our country to sustain the middle class (our customers) without taxing the top 1 percent at reasonable levels again, wrote wealthy entrepreneur Nick Hanauer in an op-ed last week. Significant tax increases on the about $1.5 trillion in collective income of those of us in the top 1 percent could create hundreds of billions of dollars to invest in our economy, rather than letting it pile up in a few bank accounts like a huge clot in our nations economic circulatory system.
Joining the list of those in financial positions of power that are calling for higher taxes on the rich is Morgan Stanley Chief Financial Officer Ruth Porat who, as the Huffington Posts Bonnie Kavoussi reported, said over the weekend that its inappropriate that income inequality in the country is continuing to grow while taxes on the rich stay low:
The wealthiest can afford to pay more in taxes. Thats a part of the deal. That makes sense. I dont know anyone that doesnt agree with that, Porat said. The wealth disparity between the lowest and the highest continues to expand, and thats inappropriate. We cannot cut our way to greatness, she added.
