December 6th, 2011
Econintersect: Ruth Porat (pictured), Chief Financial Officer of Morgan Stanly (NYSE:MS), said that the wealthy should be expected to pay more taxes. She spoke at a conference sponsored by The Economist in New York Saturday (December 3). Among the things she addressed were resolution of the current political polarization, fiscal integration of the Eurozone and a bottoming of global economic confidence in 2012.
Here’s what an article by Janet Levaux in Advisor One said:
"The wealthiest can afford to pay more in taxes. That's a part of the deal. That makes sense. I don't know anyone that doesn't agree with that," said Porat, as reported by the Huffington Post. "The wealth disparity between the lowest and the highest continues to expand, and that's inappropriate."
If U.S. companies regain confidence, the country could experience an economic recovery next year, she also noted. "Where there's any sort of sense that we're turning the corner, you'll see a lot of cash coming in," said Porat. "There is this cash on the sidelines waiting to be put to work."
Porat’s comments brought strong reactions from some conservatives. Here is an excerpt from Trutherator’s Weblog:
Oh really?! And you write for a paper called “The Economist”?! And yet there you are, saying we can TAX our way to greatness!
America USA has already tried to “buy” its way to greatness. How’s that workin’ out for you?
Remember President Johnson’s “Great Society”? It has come to naught and brought us up ever closer to the collapse of the American dollar.
I can hear some wails of objection from the usual “Great Society pushers”, who now go by the moniker of “Tax the Rich”, a cutting board slogan chosen for its Goebbels-era propaganda value.