Surveys show Americans are in favor of raising taxes on (other) rich people

According to a recent Reuters/Ipsos poll, as much as two thirds of respondents support the idea that the rich should pay more taxes compared to the rest of the population.

Among the 4,441 respondents to the poll, 64% strongly or somewhat agreed that “the very rich should contribute an extra share of their total wealth each year to support public programs” – the essence of a wealth tax. Results were similar across gender, race and household income. While support among Democrats was stronger, at 77%, a majority of Republicans, 53%, also agreed with the idea.

This is similar to the result found by several other polls conducted in 2019, of which a majority of people supported raising taxes on the ultra wealthy. In a Hill-HarrisX survey, majority of respondents were in favor of raising the top tax rate as high as 70%. And about 58%  of respondents from pew research survey believed taxes should be raised on all incomes above $250,000.

Wealth tax support among the rich

Generally support has grown among the rich for a tax on wealth. But a CNBC poll found that millionaires support a wealth tax, so long as it doesn’t affect them.

according to the poll:

A majority of millionaires support a wealth tax on those worth $50 million or more, but their support declines for a tax on those worth $10 million.

Forty-eight percent opposed a wealth tax on those worth over $10 million.

Regarding their tax burden

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.

George Walper, president of Spectrem Group, states

Most people who are worth $10 million or less don’t feel wealthy, even though they are relative to the population. 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.