Survey: a majority of Americans want a wealth tax on the very rich - Front Page Live
×

Subscribe

SIGN UP! Save Time, keep up with important news that you don't want to miss.
No, I want to miss out.
×

Thank you

Check your inbox for a confirmation email!
   

Survey: a majority of Americans want a wealth tax on the very rich

01/14/2020 9:14 am ET Sunny Hundal
Survey: a majority of Americans want a wealth tax on the very rich

Source / Pixabay

A big majority of Americans agree that the very rich should “contribute an extra share of their total wealth” each year to support public programs, according to a new national survey.

The Reuters/Ipsos survey also suggested that people prefer an annual levy on total wealth than on income.

Why it matters

Raising taxes on the extremely wealthy has become a key issue in the upcoming 2020 election.

Even among Democrats, there is disagreement. While candidates such as Elizabeth Warren and Bernie Sanders have argued strongly for a wealth tax, others such as Joe Biden and Peter Buttigieg have been less enthusiastic.

The survey of 4,441 representative American voters found 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 statement was supported by 77% of Democrats and  53% of Republicans, with reactions consistent across gender, race, and household income.

Reuters reports that support for such a wealth tax has risen since the big crash of 2007/8 and hasn’t leveled off yet.

Republican voter Esin Zimmerman told Reuters:

“Rich people have a right to blow their money on Lamborghinis and world-wide cruises or whatever. But that money could be used in other ways that help people.”

Since the recession of 2008, the top 1%’s share of national net worth has grown from 27.8% to 32.2%, according to Reuters.

Trump’s tax cuts for the wealthy played a big part in that transfer of wealth.

*****
SIGN UP! Save Time, keep up with important news that you don't want to miss.
Back To Front Page