Survey: Most millionaires back wealth tax


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Survey: Most millionaires back wealth tax

A majority of millionaires who participated in a new CNBC survey said they support a tax on those with more than $50 million in a*sets — an idea championed by Democratic presidential candidate Sen. Elizabeth Warren (Mass.).

Sixty percent of respondents in CNBC's millionaire survey said they back Warren’s plan for taxing those whose wealth exceeds $50 million in a*sets, compared to 37 percent who oppose it.

The wealth tax has the support of 88 percent of Democrats, 62 percent of independents and 36 percent of Republicans. Additionally, two-thirds of respondents worth more than $5 million said they back the tax, CNBC said.

Warren has proposed a 2 percent wealth tax annually on net worth between $50 million and $1 billion, and a 3 percent tax on net worth that exceeds $1 billion.

The wealth tax idea is one of many policy proposals Warren has offered on the campaign trail, and it's one of several ideas Democrats have floated in recent months to raise taxes on the very wealthy.

Previous polls that have surveyed a broader range of voters have also found majority support for a wealth tax.

About half of millionaires polled in the CNBC survey said they support a tax rate as high as 70 percent for those with more than $10 million in annual income — an idea floated by Rep. Alexandria Ocasio-Cortez (D-N.Y.).

Slightly more millionaires said they support repealing the tax cuts for corporations in Republicans' 2017 tax law than said they oppose eliminating them, according to an executive summary of CNBC's survey.

However, 72 percent of millionaires said they oppose eliminating tax deductions, and survey respondents also said they oppose taxing annual investment gains, according to CNBC. The latter idea has been backed by the top Democrat on the Senate Finance Committee, Sen. Ron Wyden (Ore.).

CNBC surveyed 750 people with investable a*sets of at least $1 million. The respondents included 261 Republicans, 261 independents and 218 Democrats. It has a margin of error of 3.5 percentage points.

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 https://thehill.com/polic .. h-more-than-50

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