According to a new survey, wealthy people in America say that the economy matters more than the federal government cutting spending.
OnWallStreet.com says that the survey of 1,700 people by Northern Trust revealed that 44 percent of rich Americans say that President Barack Obama’s first priority should be economic growth, with 19 percent saying deficit reduction is most important and 15 percent say political gridlock should be the first priority.
According to the article, “tax increases and spending cuts” are supposed to begin in January 2013 unless the president and Congress can negotiate an end to the fiscal cliff. And 31 percent of the wealthy with at least $5 million to invest are planning to make changes in their lives to deal with possible changes in tax laws.
Suzanne Shier of Northern Trusts said that the “results show that high-net-worth Americans are taking active steps to adapt to a changing tax environment.”
Written by Lisa Swan