Audio – Higher taxes? We can take it!
Few people enjoy paying taxes, least of all the wealthy, for whom annual tax bills can run into the millions of dollars. U.S. President George W. Bush has worked to cut taxes that tend to hit wealthy people, such as inheritance taxes. But with a persistently high deficit, as well as the rising cost of the Iraq war and entitlement programs, many expect these taxes to rise.
Rich people seem resigned to higher taxes, said Gail Cohen, head of global wealth management at Fiduciary Trust Co. International, at the Reuters Wealth Management Summit.
“….(T)here’s a feeling that’s it inevitable and I also believe that they see that the government needs the money,” Cohen said.