Do your friends and family agree with you politically?
Most of my friends are pretty conservative—fiscally conservative and socially conservative. They frown and shake their heads at how I can see things the way I do. And I’m equally astounded that they feel the way they do.
If the tax laws were changed in a more fair fashion, sure I would’ve kept a smaller amount of the transactions we executed last year, but I’d still be OK. I’d still be able to take vacations and I’d still have two airplanes.
Which tax ideas do you support?
We have to have something like a wealth tax. But it’s not enough for just individuals to do so. Corporations have got to start paying more taxes.
Karen Seal Stewart
Age: 75
Home: Oceanside, California
Stewart, a certified financial planner, grew up middle class in Santa Maria, California, to parents with eighth-grade educations. After years of real estate investments, she has $4.8 million, two homes, just got back from a trip around the world and has decided she doesn’t “need any more.”
Why should the wealthy pay higher taxes?
Because I can afford it and the country needs it. Nobody needs $10 million or $100 million or $1 billion or $10 billion or $100 billion. My God, these guys are worth more than most countries. It’s all about ego, especially for the men.
Why do you use some of the tax loopholes that you complain about?
I will continue to take advantage of everything there is because everybody else is, too. There are 10 to 12 million millionaires in this country and there are only 200 of us so what difference can we make?
Do you favor a wealth tax?
Absolutely. Do you own a home? Do you pay property tax? That’s a wealth tax.
Who are you planning to vote for?
Elizabeth Warren. She’s got policies that you could imagine appeal to me.
(Michael Bloomberg is also seeking the Democratic presidential nomination. He is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)
This article was provided by Bloomberg News.