Poll: Majority of Millionaires Like Warren’s Proposed Wealth Tax

One of the most popular proposals on the table from Democrats heading into the 2020 primaries is Elizabeth Warren’s proposed “wealth tax” that would hit millionaires and billionaires. It’s become so popular that even 50% of Republicans somehow endorsed it in a recent survey. The attraction to such a plan among populists is obvious.

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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.

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A Quinnipiac poll from April found 6 in 10 registered voters saying they support an annual wealth tax that would tax individuals 2% on any wealth over $50 million.

One recent poll. majority of us have to work for a living. And we do so at the direction of other people. And we know that their interests aren’t the same as ours. This will be an identity filled.

Farming is a low-margin line of work but your farm has a market value of $100M. However, the vast majority of that is just in the land value. For you to pay the $26M over ten years in wealth tax on your $100M, you’d have to systematically sell off a quarter of your farm. Supporting a wealth tax is explicitly anti-private business.

Not a poll tax. A pol tax. A pol tax is a tax that is directly placed on each person, AKA a head tax. Like having everyone pay $10 a year. And I’m taking that from the article which uses that as an example of an unconstitutional tax because it’s a direct tax. And the issue of a wealth tax.

 · As of 2018, just three currently levy a wealth tax: Switzerland, Norway, and Spain. Spain temporarily cancelled its wealth tax in in 2008, then reintroduced it following the Great Recession. Even in these three countries, wealth taxes are small contributors to total tax revenue. Switzerland collects 3.7 percent of total revenue from wealth taxes, Norway collects 1.1 percent, and Spain collects 0.5 percent.

Sixty-one percent of the 1,993 voters surveyed in the feb. 1-2 poll favored Warren’s "ultra-millionaire" plan, which is an annual tax of 2 percent on household wealth more than $50 million.

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