SEARCH

Entries in Millionaries March (2)

Wednesday
Oct122011

Hedge Fund Manager to Occupy Wall Street: Don't Vilify Businesses

EMMANUEL DUNAND/AFP/Getty Images(NEW YORK) -- Billionaire hedge fund manager John Paulson, whose home was on the visiting list for Occupy Wall Street's "Millionaires March" Tuesday afternoon, said that "instead of vilifying our most successful businesses, we should be supporting them and encouraging them to remain in New York City."

Protesters took to New York City's Upper East Side Tuesday and marched past the homes of several of the city's richest residents, including News Corp. owner Rupert Murdoch, real estate developer Howard Milstein, and JPMorgan Chase CEO Jamie Dixon.

According to the Wall Street Journal, demonstrators skipped Paulson's home because it was too far from the chosen route.

But Paulson, nevertheless, addressed the issue Tuesday through a written statement by his hedge fund, Paulson & Co.

"The top 1 percent of New Yorkers pay over 40 percent of all income taxes, providing huge benefits to everyone in our city and state," said the written statement.  "Paulson and Co. and its employees have paid hundreds of millions of dollars in New York City and New York state taxes in recent years and have created over 100 high paying jobs in New York City since its formation."

It continued, "New York currently has the highest income taxes of any state in the country and thousands of businesses have fled New York to states with no income taxes such as Florida, Texas and Nevada, or moved offshore."

According to an Occupy Wall Street spokesman, about 2,000 protesters took part in the march, which started close to 1 p.m. and made its way up Park Avenue.

The demonstration called for an extension of the state's so-called "millionaires tax," the highest income-tax rate on taxpayers with incomes of more than $500,000.  The tax is set to expire in December.

Copyright 2011 ABC News Radio

Tuesday
Oct112011

Occupy Wall Street's 'Millionaires March' Through NYC

Spencer Platt/Getty Images(NEW YORK) -- Elizabeth Owens carried an oversized check as she participated in Tuesday’s Occupy Wall Street "Millionaires March" that took protesters through New York City's Upper East Side and past the homes of some of the city's richest residents.

"I want the millionaires to know that we won't stand for this. I pay more than they do in taxes," said Owens, a New York resident.

According to an Occupy Wall Street spokesman, about 2,000 protesters took part in the march, which started around 1 p.m. and made its way up Park Avenue toward the apartment buildings of billionaire David Koch, real estate developer Howard Milstein, hedge fund manager John Paulson and JPMorgan CEO Jamie Dimon.

Protesters called for an extension of the state's so-called "millionaires tax," the highest income-tax rate on taxpayers with incomes of more than $500,000. The tax is due to expire in December.

"[The] tour will visit homes of some of the most well-known millionaires in New York City specially chosen for their willingness to hoard wealth at the expense of the 99 percent," organizers told CapitalNewYork.com.

Richard Bey of New York said Wall Street needs regulation and oversight.

"Half of the country is making less than $49,000 a year. Should you be taxed the same as a millionaire?" Bey said.

Upper West Side resident Joanna Cole, who said she was wealthy, carried a sign that read "Tax Me."

"I think I should pay more taxes," she told ABC News on Tuesday. "We are at a point in this country where we are seeing the greatest inequality in wealth in 125 years."

Meredith Balk, a retired Delta Air Lines worker, said that the working class used to have a secure lifestyle.

"Unfortunately, we bought into the perception and goals of the rich," she said. "This march is an excellent idea that will gain a lot of attention. We're going straight to the people who make these decisions."

Copyright 2011 ABC News Radio







ABC News Radio