Democratic Primaries
Related: About this forumMost millionaires support a tax on wealth above $50 million, CNBC survey says
Fully 60% of millionaires support Warrens plan for taxing the wealth of those who have more than $50 million in assets, according to the CNBC Millionaire survey. The wealth tax is different from an income tax, since it taxes a familys total holdings every year rather than their income.
Polls show that a majority of Americans also back a wealth tax. But the support from millionaires, some of whom would presumably pay the tax, shows that some millionaires are willing to accept higher taxes amidst growing concern over inequality and soaring fortunes of the rich.
While 88% of Democrats support the wealth tax, 62% of independents support it along with 36% of Republicans. Even the upper tier of millionaires, those worth more than $5 million, support a wealth tax, with two-thirds in favor.
Warrens proposal calls for a tax of 2% on wealth over $50 million and 3% on wealth over $1 billion. The presidential candidate estimates it would apply only to 75,000 of the richest families and would raise $275 billion a year.
A larger number of millionaires also support an income tax rate of 70% on those making more than $10 million a suggestion floated by Democratic Rep. Alexandria Ocasio-Cortez. And a majority support repealing the 2017 tax cuts on companies.
Over the years, we have seen that this population is willing to pay more, said George Walper, president of Spectrem Group, which conducted the study with CNBC. The survey polled 750 people with investible assets of $1 million or more. Of the respondents, 261 were Republicans, 261 were independent and 218 were Democrats.
https://www.cnbc.com/2019/06/12/most-millionaires-support-tax-on-wealth-above-50-million-cnbc-survey.html
primary today, I would vote for: Undecided
calimary
(81,288 posts)Because theyre best able to shoulder more of the burden. Besides, look at all the benefits they enjoy.
Noblesse oblige. Much blessed, much obligated.
primary today, I would vote for: Joe Biden
House of Roberts
(5,174 posts).
primary today, I would vote for: Undecided
JI7
(89,250 posts)primary today, I would vote for: Undecided
Hortensis
(58,785 posts)these days. Of course a lot of those who have caught the golden ring deplore the greed of their fellows and extreme economic inequity that are eroding our national stability and wellbeing.
primary today, I would vote for: Joe Biden
BeyondGeography
(39,374 posts)So those of the 75000 who happily qualify will be isolated if (or most likely when) they oppose. The support for higher marginal rates at a lower threshold is significant too.
primary today, I would vote for: Undecided
PoliticAverse
(26,366 posts)primary today, I would vote for: Undecided
Honeycombe8
(37,648 posts)I'd prefer a fairer tax rate across the board, and fewer deductions taken by such people, rather than a "tax on wealth." I don't like the sound of "tax on wealth."
For instance, Exxon pays ZERO in taxes. The tax system should be fixed so that there is no way that a corp like Exxon ends up paying nothing.
If there's a wealth tax, would it include companies? It should. If you're going to have a wealth tax, it should apply to all entities with wealth.
primary today, I would vote for: Undecided
pazzyanne
(6,556 posts)You had better believe it. Since Citizens United gave corporations personhood, they should have to be taxed like any US citizen and on a regular tax schedule!
primary today, I would vote for: Joe Biden