Davos Attendees Divided Over Obama Speech

The rich and powerful were divided at their annual huddle on Wednesday over Barack Obama's threat to raise their taxes, with some it could hurt growth, but others arguing he was right to address capitalism's imbalances. Obama's State of the Union address focussed on channeling middle class anger at inequality, including a call for a 30 percent minimum tax on millionaires that could make the wealth of Republican rival Mitt Romney a central election issue. It was delivered on the eve of World Economic Forum in the Swiss ski resort of Davos, which found many of the world's titans of industry and politics in reflective mood, focusing on whether capitalism needs to be more fair to survive. "I happen to be one of the billionaires who believe that the rich do need to pay more taxes and I do support the Obama programme in that respect," investor George Soros said in Davos. Continue reading this article

.