Survey: 40 percent of wealthy would go along with higher taxes to protect entitlements

July 15, 2011

The stalemate between Congress and the Obama Administration over raising the debt ceiling continues. Without a deal by Aug. 2, the U.S. could default on its obligations for the first time in history. Read my column about the standoff.

Even the wealthy worry about the fight over the debt ceiling.

A new study by research firm TNS found that 56 percent of polled affluent Americans are concerned that the Uncle Sam will default. Although 60 percent don’t think the government should raise the $14.3 trillion debt ceiling. (If it doesn’t, we will default.)

Forty percent of those surveyed though said they would pay higher taxes if it prevented cuts to Social Security and Medicare. Another 40 percent, though, said they would be amenable to cuts in both programs to balance the federal budget.

TNS polled 1,685 people who had investable assets of $500,000 or more.

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