A majority of millionaires support a wealth tax on those worth $50 million or more, but support declines for a tax on those worth a mere $10 million.
Billionaires have been in the news a lot lately – spending insane sums in the Democratic primaries, throwing money at long-shot candidates, and funding nationwide political networks. Big money has even launched the late-entry presidential candidate Mike Bloomberg to a third-place position in recent nationwide polling.
As the saying goes, money makes the world go ‘round; and politicians want some of that cash to fund their grand schemes. Senator Elizabeth Warren (D-MA) has taken aim at both millionaires and billionaires.
Warren has outlined a tax plan featuring a 2% tax on wealth over $50 million and a 6% tax on assets over $1 billion. This proposal, which experts say is challenging to implement, would seem to find few fans amongst the wealthy crowd. However, a majority of millionaires do support a wealth tax on those worth $50 million and above, but that support drops when the tax applies to assets of $10 million+.
According to a new poll conducted by CNBC, fifty-nine (59%) of millionaires support the wealth tax on assets above $50 million. The strength of their support does vary with political affiliation, with Democratic millionaires providing 88% support while Republican millionaires just 33%.
This support does drop substantially once the tax threshold is lowered to a net worth of $10 million.
“Most people who are worth $10 million or less don’t feel wealthy, even though they are relative to the population,” said George Walper, president of Spectrem Group. “And so they feel they should not be penalized. But they do think that people worth $50 million or more ARE wealthy and should pay more.”
Thus, the “ordinary wealthy” are generally ok taxing the rich so long as they don’t get taxed themselves.
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Most millionaires feel like they pay enough already. Fully 60% feel they pay their fair share of taxes, and a third believe they pay more than their fair share. They believe those who are worth above $50 million can chip in a bit more.
Bill Gates’ New Year’s resolution is to get the federal government to raise taxes on the ultrawealthy — including himself. In a post on his blog, Gates Notes, the billionaire advocated for higher estate taxes.