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Economic News, Data and Analysis

Even the rich don’t want more tax cuts

Those that benefited the most from Bush’s tax policy are now having second thoughts…

Affluent growing more concerned about nation’s economy – Apr. 25, 2005
Rich folks feel less secure
Survey: Most affluent believe there’s a real estate bubble; sharp drop in those seeing stock gains.
April 25, 2005: 10:57 AM EDT
NEW YORK (CNN/Money) – A survey finds affluent Americans growing more concerned about the state of the economy.
There has been a sharp drop among those surveyed who expect further gains for the S&P 500, and a majority now believe there is a bubble in housing prices. A growing concern about the federal budget deficit now has a strong majority preferring deficit reduction to further tax cuts.
The quarterly survey also found the economy was cited as being on par with terrorism as a national concern for the first time in six quarters.
The survey was conducted by McDonald Financial Group of 400 affluent Americans with investable assets of $500,000 or more, and/or personal annual income of $150,000 or more. The late March/early April survey found that its overall consumer confidence index fell to 50, down 5 points, or 10 percent, from the 55 reading in early January.
The survey found growing concern about the federal budget deficit, with 85 percent of respondents viewing the deficit as a problem and 57 percent seeing it as a “very serious” problem. In fact, by better than a two to one margin the affluent Americans surveyed said they would prefer deficit reduction measures instead of tax cuts.

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Filed under: Economics

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