What is the boomer remedy to fix the economy? Raising taxes on millionaires and developing domestic oil preserves pursuing are two favored remedies, according to a new survey conducted by Millionaire Corner.
Of the 69 percent of respondents overall, 71.4 percent of baby boomers ages 51-60 favored the so-called “Buffett Rule” proposal in President Obama’s $447 billion jobs package that would institute a new tax on those making at least $1 million in income. (But were not just talkin’ about that generation. The millionaire tax is also favored by nearly 69 percent of those under 40. Not surprisingly, this age group expressed more resistance to a tax on those who make $250,000 in income, which could hit closer to home).
The survey found conflicting attitudes among the 51-60 age group regarding energy dependence and green technology. Nearly two-thirds (65.6 percent) are in favor of developing Alaskan oil reserves , compared to 55 percent of those under 40. Sixty-two percent would like to see increased investment and research on renewable energy and alternative sources of fuel, and idea much more in consort with a more green-aware 40 and under group.
Older boomers ages 51 and up are less inclined to reduce the debt by cutting some social programs than those ages 41-50, nearly 60 percent of whom would support this solution.
There is no significant different across age levels for a suggestion to improve the country’s infrastructure, although it finds most favor among those under 40 (66 percent) and seniors over the age of 60 (66.2 percent).
Of the 37.3 percent of respondents overall who would favor increasing the retirement age, 29.2 percent are 51-60, compared to 47.4 of those over 60.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.