Saturday, Aug. 30, 2014

Is the 1% greedy? Study says yes

By Lane Anderson, Deseret News

Published: Sun, Feb. 2 12:10 a.m. MST

(Shutterstock)

The clueless multimillionaire that is out of touch with middle America and uses influence to tip odds in his favor: it's an overblown stereotype, right? A survey that sampled the richest 1 percent of Americans says maybe not.

The survey, conducted by political scientists Benjamin Page, Larry Bartels and Jason Seawright, found that the nation's wealthiest are opposed to measures aimed at improving inequality, most of which the general public tend to support. About 40 percent said they support increasing the minimum wage, 13 percent support expanding the Earned Income Tax Credit, and 8 percent support government jobs programs for the unemployed.

"We've been discovering more and more evidence that wealthy people have a lot of political influence and we are trying to find out how they use that influence," Page told the Daily Northwestern.

More than 100 wealthy individuals in the Chigaco area making at least $1 million a year were polled by the National Opinion Research Center. The research process was very "difficult" and "expensive," Page told the Daily Northwestern, due to the security barriers of many of the participants.

He said that the main findings of the study were that rich Americans would rather reduce deficits by cutting entitlement programs like Social Security and Medicare instead of raising taxes on the rich.

In contrast, the general public was found to be in favor of government aid for education, more regulation of corporations and heavily taxing the rich to reduce the budget defecit.

When asked what were the "very important problems" facing the nation, the top response among the wealthy was the budget deficit, at 87 percent, while the rest of the population responded that jobs and the lagging economy were most pressing.

"There can be little doubt that the wealthy exert more political influence than the less affluent do. If they tend to get their way in some areas of public policy, and if they have policy preferences that differ significantly from those of most Americans, the results could be troubling for democratic policy making," wrote the researchers.

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1. BYU Track Star
Los Angeles, CA,
Jan. 31, 2014

I too would feel conflicted about supporting more social programs out of pocket given that these lower income people don't pay any State or Federal income tax. Religous conditionaing aside, how much should the rich support the poor beyond the taxes they pay?

2. 10CC
Bountiful, UT,
Jan. 31, 2014

It's more difficult for a wealthy person to relate to the plight of the less wealthy. It just is. In their minds, typically, there's no reason why everyone shouldn't be wealthy.

I have an uncle who is a multi-millionaire, who says we shouldn't have a minimum wage, because "most of those people aren't even worth that!"

I started to repeat the Biblical admonition about a camel going through the needle easier than the rich man getting to heaven, but then I realized the point was futile.

3. Go Big Blue!!!
Bountiful, UT,
Jan. 31, 2014

Shocking! The middle and lower income class want to raise taxes on the wealthy.

The wealthy were hit hard in 2013 with tax increases: 3.8% additional tax on passive income, 4.6% increase in highest marginal rate, 1% additional taxes on wages, 5% increase on capital gains rate, the phase out of itemized deductions and phase out of exemptions. Those paying the most taxes are paying a lot more taxes.

Most of the bottom half continue to pay zero income taxes. Fair?

4. Nosea
Forest Grove, OR,
Jan. 31, 2014

The 1% would like to re-write the scriptures as well, to say: "where much is given much more should be given, and where little is given much more should be taken away" versus actual scripture: "where much is given much is expected." Their callousness and brazenness never ceases to amaze.

5. Thid Barker
Hayden, ID,
Feb. 1, 2014

What should we call the people who lust after the wealth of others; greedy?