Jay Z willing to be taxed more by Obama

Updated: Dec 11, 2011, 13:34 PM IST

New York: Jay Z has said that he is willing to pay more taxes if the money goes towards good causes like increasing education and removing poverty.

The rapper, who’s real name is Shawn Carter, indicated his support for a tax hike as President Obama and congressional Republicans duel over competing proposals for extending a payroll-tax cut for working Americans that’s set to expire on Jan 1, 2012.

The Obama administration would pay for the extension with higher taxes on families who make 1 million dollar or more.

Republicans support the extension but reject any tax increases to pay for it.

“I wouldn’t mind paying more taxes if it went to the things that really mattered… If it went to education, to people in poverty, if it went to the right things, I wouldn’t mind,” the New York Daily quoted him as telling CNN.

Jay-Z, calling for an ‘open accounting’ of where tax dollars go, said he thinks other wealthy people ‘with a conscience, with some integrity and moral fiber’ would be fine with paying more taxes if they knew exactly where their money was going.

The hip-hop mogul, whose earnings over the past year landed him in the top spot of Forbes magazine’s hip-hop’s ‘Cash Kings’ for the fourth time in five years, has an estimated net worth of half a billion dollars.