Top executives at Wall Street firms do not often like to charge headfirst into controversial political matters, preferring instead to work private channels. But Morgan Stanley CFO Ruth Porat doesn't seem to mind weighing in on the issue of higher income taxes on the ultra-wealthy.

At a recent economic conference, she was quoted by the Huffington Post as saying that, "The wealthiest can afford to pay more in taxes. That's a part of the deal. That makes sense. I don't know anyone that doesn't agree with that. The wealth disparity between the lowest and the highest continues to expand, and that's inappropriate we cannot cut our way to greatness."

Porat may not know a lot of people who oppose higher taxes on the very wealthy, but there are plenty of people who are adamantly opposed to the idea. And they have made their voices heard. The ultra-rich themselves are less worked up over this than many would assume. The likes of Bill Gates and Warren Buffett have said that the ultra-wealthy should pay more. And even on Wall Street, the idea of the top dogs paying a higher personal tax rate seems to take a back seat to other regulatory and political issues such as Dodd-Frank and what many deem to be costly, ineffective excesses.

While many would not get overly worked up about paying more in taxes, they will oppose to the hilt the sort of tax reform that would really affect their businesses, such as the idea that performance fees should be taxed as ordinary income instead of as capital gains, as they are now. Many will speak up against the idea. In any case, it's refreshing that a Morgan Stanley CFO would speak her mind on a controversial issue.  

For more:
- here's the article on Porat
- here's a Reuters article on the Wall Street attitudes toward regulation

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