Although 71 percent of millionaires surveyed by PNC Wealth Management agree in theory with billionaire Warren Buffett that the rich should pay more in taxes to improve the economy, nearly half of them say they shouldn't personally pay more because they're not in the same league as Buffett.
So, while only 20 percent say that taxes should be raised on the rich, a third of respondents think the best way to fix the economy is to reduce taxes, both for individuals and businesses. A majority, 80 percent, believe that reinvestment by individuals and businesses will stimulate the economy, and the government should leave them alone to spend their money the way they want. If taxes are raised, 41 percent say they'll change their investment strategy and 24 percent will give less to charity.
Unless Congress decides otherwise, the highest income tax bracket will increase from 35 percent to 39.6 percent in 2013. Rates on capital gains, currently 15 percent for long-term gains, could also rise.
The survey also revealed that, while 71 percent of millionaires believe they are better off financially than their parents, only 10 percent think their children will be better off than they are. That seems to signal a pessimistic view of future economic growth and opportunities.
Do you think it would be better for the economy to raise taxes on the rich or reduce them?
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