12% - Those who make more should pay a higher tax rate.
78% - Success should not be taxed at a higher rate.
10% - Undecided
One of the big debates being pushed by President Obama is that those who are “more fortunate” should pay their “fair share” of taxes. We wanted to know what you thought about this idea, so in our poll last week we asked this question:
“As you prepare to file personal - and probably business - tax returns next week, what do you think about increasing the tax level on people with higher income?” Here’s what we learned:
Twelve percent of respondents to our unscientific, online poll said, “Those who make more should pay a higher tax rate, and those who were “Undecided” came in at 10% of our sample. But the big number, 78%, allowed that “Success should not be taxed at a higher rate.”
In the time left between now and the election on November 6, I think the debate that will result from President Obama’s “fair share from the more fortunate” campaign strategy will eventually turn into a national discussion of whether Americans who earn more just got lucky, or because of their hard work became successful. But if my prediction is right, and if our small business poll results are representative of the general electorate, the President might want to rethink this component of his class warfare strategy for 2012.
Recently, on my show I talked about this tension between fortune and success and the Buffett Rule. Here’s a link to that podcast. Also, look for more on this topic from me over the next few weeks.