A manhood of millionaires support Sen. Elizabeth Warren’s proposed tax on large wealth, according to a new survey.
Fully 60% of millionaires in Warren’s plan for taxing the wealth of those who have more than $50 million in assets, according to the CNBC Millionaire view. The wealth tax is different from an income tax, since it taxes a family’s total holdings every year rather than their receipts.
Polls show that a majority of Americans also back a wealth tax. But the support from millionaires, some of whom thinks fitting presumably pay the tax, shows that some millionaires are willing to accept higher taxes amidst growing concern over and above 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. Sedate the upper tier of millionaires, those worth more than $5 million, support a wealth tax, with two-thirds in favor.
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Warren’s outline calls for a tax of 2% on wealth over $50 million and 3% on wealth over $1 billion. The presidential nominee estimates it would apply only to 75,000 of the richest families and would raise $275 billion a year.
A larger army of millionaires also support an income tax rate of 70% on those making more than $10 million – a counsel floated by Democratic Rep. Alexandria Ocasio-Cortez. And a majority support repealing the 2017 tax cuts on companies.
“Over the years, we contain seen that this population is willing to pay more,” said George Walper, president of Spectrem Group, which carried the study with CNBC. The survey polled 750 people with investible assets of $1 million or innumerable. Of the respondents, 261 were Republicans, 261 were independent and 218 were Democrats.
Millionaires do want to save one form of tax savings – deductions. Fully 72% oppose eliminating all deductions, which include the mortgage deduction and magnanimous deduction. They also strongly oppose taxing unrealized capital gains, a proposal made by Sen. Ron Wyden, D-Ore.