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Undecided 37%
Elizabeth Warren16%
Joe Biden14%
Kamala Harris10%
Pete Buttigieg8%

Thu Jun 13, 2019, 12:02 AM

 

Most millionaires support a tax on wealth above $50 million, CNBC survey says

A majority of millionaires support Sen. Elizabeth Warren’s proposed tax on large wealth, according to a new survey.

Fully 60% of millionaires support Warren’s 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 family’s 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.

Warren’s 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
If I were to vote in a presidential
primary today, I would vote for:
Elizabeth Warren

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Reply Most millionaires support a tax on wealth above $50 million, CNBC survey says (Original post)
BeyondGeography Jun 13 OP
calimary Jun 13 #1
House of Roberts Jun 13 #2
JI7 Jun 13 #4
Hortensis Jun 13 #7
BeyondGeography Jun 13 #8
PoliticAverse Jun 13 #3
Honeycombe8 Jun 13 #5
pazzyanne Jun 13 #6

Response to BeyondGeography (Original post)

Thu Jun 13, 2019, 12:07 AM

1. They SHOULD be willing to pay more.

 

Because they’re best able to shoulder more of the burden. Besides, look at all the benefits they enjoy.

Noblesse oblige. Much blessed, much obligated.
If I were to vote in a presidential
primary today, I would vote for:
Jay Inslee

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Response to BeyondGeography (Original post)

Thu Jun 13, 2019, 12:44 AM

2. Is this because most millionaires have less than $50 million?

 

.
If I were to vote in a presidential
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Response to House of Roberts (Reply #2)

Thu Jun 13, 2019, 01:18 AM

4. probably

 

If I were to vote in a presidential
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Undecided

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Response to House of Roberts (Reply #2)

Thu Jun 13, 2019, 03:40 AM

7. :) Has to be partly anyway. Doesn't take much to be a "millionaire"

 

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.
If I were to vote in a presidential
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Response to House of Roberts (Reply #2)

Thu Jun 13, 2019, 05:35 AM

8. I'm sure; point is it's broadly popular

 

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.
If I were to vote in a presidential
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Elizabeth Warren

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Response to BeyondGeography (Original post)

Thu Jun 13, 2019, 01:02 AM

3. "Social desireability bias" is a real thing.

 

https://en.wikipedia.org/wiki/Social_desirability_bias
If I were to vote in a presidential
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Response to BeyondGeography (Original post)

Thu Jun 13, 2019, 02:05 AM

5. I'm sure it depends on the amount. I'd prefer just a fairer tax rate across the board.

 

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.
If I were to vote in a presidential
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Response to Honeycombe8 (Reply #5)

Thu Jun 13, 2019, 02:38 AM

6. "If you're going to have a wealth tax, it should apply to all entities with wealth."

 

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!
If I were to vote in a presidential
primary today, I would vote for:
Amy Klobuchar

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