The tax plan championed by President Obama today is not likely to sway Millionaire voters, according to Millionaire Corner research that shows Millionaires consider the economy and national debt to be the most important criteria for selecting the next president, while tax policy ranks a distant third.
President Obama today urged Congress to pass a one-year extension of Bush-era tax cuts for families making less than $250,000 a year, reviving a plan to allow tax cuts for higher income earners to expire.
“It’s time to let the tax cuts for the wealthiest Americans -- folks like myself -- to expire,” said Obama in an address televised from the White House.
Though Millionaires carefully consider tax consequences when managing their own finances, on a national level they are primarily focused on the economy and federal deficit, according to a Millionaire Corner survey of approximately 1,300 investors conducted in June. (High net worth investors are likely to shelter their assets through tax-advantaged investment strategies.)
More than 45 percent of Millionaires surveyed identified the national debt as the most important issue in the presidential campaign, while close to 16 percent said the national debt was the most critical issue. Less than 9 percent of Millionaires identified taxes as the most significant issue in selecting the next president.
Tax fairness may be a cornerstone of the Obama campaign, but a Millionaire Corner study completed in the first quarter of 2012 shows that concerns over the prolonged economic downturn have risen to the top of Millionaire investors’ national concerns, and worry over the national debt and political environment remains elevated. Concerns over taxes have actually eased in the past year.
Less affluent investors – those with less than $100,000 to invest - also rank the economy as the most important campaign issues, but cite unemployment as their second most important concern. (Younger investors say their greatest financial fear is losing their job.)
On a personal level, Millionaires worry most about the financial outlook for future generations, maintaining their financial position and health care costs.
Source: http://www.millionairecorner.com/article/obamas-tax-plan-not-likely-sway-millionaire-voters
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