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Steve Siebold, “How Rich People Think” author, weighs in on why rich Americans would vote for Obama, and what they think of his fiscal policies.
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Let's they don't taxes and bring in Steve see evil all all how rich -- thanks Steve.
The rich.
-- it is not in overwhelming numbers but they suddenly gave many of their votes to President Obama in the last election.
Now all the rich rich people in America all gonna have to pay higher tax rates you.
You know the rich you know all about -- you you winnable time you write about them -- -- they feel about this.
Well I think that the bottom line is Stuart that -- both the rich voted to bridge that voted for Obama voted for Obama based on his social policies not -- fiscal policies and I don't think there any happier about the fiscal policies than anyone else except maybe that the very very wealthy the dot you know may be -- the Michael Bloomberg's and the Warren Buffett's.
I think this a distinction here between wells.
Accumulated.
Monthly which you sit on a which is not tax and income cash flow which is taxed.
I think is a distinction between the two so when I say as the rich.
I guess some primarily referring to wealthy people who have accumulated while net sitting on it -- don't cash if all the people pay higher tax rates on that income.
-- backs the group of people that we talked about it.
Absolutely that they're showing that the wealth that this the ultra wealthy can show very little income southern -- not Warren Buffett's not worried about.
You know who if if someone that's that's got a network but they have.
Now less than five million dollars pays more taxes and he's got so much money will ever -- also the money's got eventually I think it's a completely different game.
It is it is a different game but now address those people strive as of this world who have income all the books very high income weather there's sports people -- -- as a whatever it is that they do entrepreneurs for example.
How did they feel about the higher tax rates which are really gonna -- them.
-- many of them actually voted for it.
They feel now.
Well I don't think they feel very good at all I mean I can't find anyone Stewart who's happy about this situation and of course at this point.
Right now hours away from going over the cliff we don't even know what the rules are so.
I don't think real people even people that voted for.
President Obama know what the rules are so I'm not sure we can really say if they're happy or not because what what's we're running happily -- game that we don't know the rules -- of those rich people that you know -- that you follow what -- they doing year end tax planning more than it would.
Well I think they're they're good they're trying to move their money so they're not tax them in their transferring their what I'm hearing is or transferring their businesses their kid's name's -- to avoid the estate tax.
And -- doing all kinds of different things are taken dividends announce at a later I mean it's.
You know there's all kinds of different strategies but again.
That -- the wealthy can do these things what about though the family of four making 250000 dollars a year living in downtown New York who is obviously not wealthy -- the people that are gonna get it really hit the worst.
Did you know of any wealth of people and I'm I'm thinking of John B I'll do the Frenchman whose going to live in Belgium because of the high tax right.
United rich Americans who -- all leaving because of the incoming on tax rights.
I know of a lot of Americans who are talking about leaving the problem is.
Where do you gulf that's that number one that's number -- conversation I've had since the election with the wealthiest.
Where do we go everyone seems to have -- -- their -- to some degree but this is the greatest country in the world I think most of us would agree with that.
Where you go -- I did it sits at some hardcore law.
Names that they come up with -- on thinking maybe Singapore law.
Cayman Islands to Switzerland may be the Channel Islands.
-- those known pop up.
At Bahamas Turks and caicos I'm hearing the same names you are and that's exactly the same in Switzerland of course right but so -- they just thinking about the just talking about -- than on actually doing -- yet.
I know because of their they're talking about a guy I think his or angry.
And like a lot of us are about the election results and and the full fiscal cliff in the debt ceiling and all the craziness that's going on.
But out where do you go when you live in the best country in the world that's pretty tough yes it is your angry -- -- I have a hit from the pantry who I am you'll still let out a little bit month.
At 88 you know it's it's just it's a tough conversation I have -- I just cannot believe we re elected President Obama -- still in this belief that frankly.
I've that I've heard that from a lot of people and we can't believe it happened but it did.
-- -- evolved thanks very much indeed give as a report on what the rich -- actually gonna do come the new yeah I.
