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Venture capitalist and entrepreneur Nick Hanauer has stern words for millionaires ? it?s time to pay your fair share of taxes.
The self-made millionaire, who sold his Internet media company aQuantive to Microsoft for $6.4 billion, tells Henry Blodget in the above video that he supports changes to the tax code.
?People in the top 1 percent are paying historically low tax rates,? he says. ?That?s simply an unsustainable way to run a capitalistic society.?
Hanauer admits he paid an 11 percent tax rate on an eight-figure income in 2010. He?s one of several millionaires speaking out against what he feels is an outdated system that disproportionately benefits the rich at the country?s ? and the middle class?s ? expense.
An analysis conducted by the nonpartisan Congressional Research Service in October found that nearly a quarter of millionaires (or 94,500 taxpayers) pay a
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Source: http://www.rocketnews.com/2012/02/millionaire-investor-calls-for-higher-taxes-on-the-rich/
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