Tags: wilbur | ross | tax | bush | cuts

Ross: Higher Taxes on Rich OK if Money Put to Good Use

By    |   Wednesday, 11 Aug 2010 12:59 PM

Many wealthy people are upset with President Barack Obama’s proposal to increase taxes on those with income above $200,000. But billionaire Wilbur Ross has no complaint.

The investment turnaround artist said on "The Charlie Rose Show" that he supports higher taxes for top earners, as long as the government spends the money wisely, CNNMoney.com reports.

Under Obama’s plan, the top tax rate would rise to 39.6 percent from 35 percent currently.

"I think that's OK, as long as they do something useful," Ross said.

He would like to see the money put to work in research, development and education.

"I really feel that within five or 10 years, we could be a second-rate power,” he said. “And it isn't even just R&D.” The country also must produce more college graduates, Ross says.

He also supports Obama’s proposal to leave tax cuts in place for those with income of less than $200,000.

"If you want to do something to destroy consumer spending, just eat away at the middle class," Ross said.

Opinion is sharply divided among economists as to whether the 2001 and 2003 tax cuts should be extended. Federal Reserve Chairman Ben Bernanke suggests they should.

“We have a recovery under way now. So in the very near term, increased taxes, cuts in spending, that are too large would be a drag on the recovery,” he said in Congressional testimony.

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Many wealthy people are upset with President Barack Obama s proposal to increase taxes on those with income above $200,000. But billionaire Wilbur Ross has no complaint. The investment turnaround artist said on The Charlie Rose Show that he supports higher taxes for top...
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2010-59-11
Wednesday, 11 Aug 2010 12:59 PM
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