American voters seem relatively united when it comes to taxing ultra-rich citizens.
A new poll conducted by Politico and Morning Consult among 1,993 people from February 1 to 2 revealed that 76% of registered voters surveyed believe that affluent Americans should pay more taxes. This follows a recent Fox News survey of 1,008 registered voters, which revealed that 70% of Americans – including 54% of Republicans – were in favor of raising taxes for those earning more than $ 10 million.
"There is a deep source of perception of injustice in the economy that has been exploited here or that did not exist five years ago or that existed and that had not occurred. the opportunity to speak out, "said Michael Cembalest, chairman of the market and investment council. strategy of JPMorgan Asset Management, told Politico. "This is quite a moment in American economic history where suddenly, in a few months, this case has somehow exploded in this way."
Representative Alma Adams, DN.C., left, with Representative Alexandria Ocasio-Cortez, DN.Y., smiles at an event to defend the Paycheck Fairness Act on the occasion of the 10th Anniversary President Barack Obama's signing of the Lilly Ledbetter Fair Pay Act, Washington DC, Wednesday, January 30, 2019. (AP Photo / J. Scott Applewhite)
Some Democrats call for taxing the rich more
Liberal Democrats and presidential candidates have recently proposed a major overhaul of the tax system, which involves high taxes for the rich.
MP Alexandria Ocasio-Cortez (D-NY) proposed a 70% tax on people earning more than $ 10 million. The idea was supported by 59% of respondents to a Hill / HarrisX poll (in addition to the Fox News poll). In the new Politico survey, 45% of respondents were in favor of the plan while 32% were against.
Yahoo Finance's Rick Newman recently explained why it was unlikely that there would be a 70% tax rate in the near future for two reasons: confidence in the government has dropped and the government is more imposing than it was not before.
Americans who want to tax the rich are more likely to refer to the higher tax rates of yesteryear. (Graphic: David Foster / Yahoo Finance)
Democratic presidential candidate Elizabeth Warren (D-Mass) has proposed a wealth tax of 2% for people with net worth over $ 50 million and 3% for people over $ 40 million. ;one billion. In the Politico survey, 61% of respondents were in favor of this idea, while 20% opposed it.
Newman noted that the hurdles that Warren would face if she tried to pass her tax proposal included the 16th amendment, which exempts income taxes from the distribution requirement but makes no mention of a tax. on fortune.
Warren told Politico that she was not surprised to see significant support for tax projects like his, adding that "Washington has been working for so long for the billionaire class that people in the United States do not want to see it. here can not imagine crossing them ".
A recent Fox News poll on tax increases. (Source: Capture / Fox News)
Research by Yahoo Finance and others has already shown that many Americans believe that Trump-era tax cuts disproportionately benefit businesses and the wealthy. And a recent survey of 106 members of the National Association for the Business Economy revealed that 84% of respondents said that "the law of 2017 on tax cuts and l & # 39; "Jobs did not bring their businesses to change their recruitment or investment plans."
The story continues
Sen. Bernie Sanders (I-VT), a likely Democratic candidate in the 2020 election, "unveiled a proposal that would extend federal estate tax to the top 0.2% of wealthy Americans, by imposing a top rate of 77% on areas of a value greater than 25%. " $ 1 billion, "CNN reported.
"It is time for our government to act seriously"
Not everyone agrees to raise the taxes of the rich. Larry Kudlow, one of Trump White House's leading economic advisers, recently told Fox Business that taxing the rich "never worked" and that it held back innovation.
Warren Buffett, President and CEO of Berkshire Hathaway, at a bridge party in front of the Berkshire-owned Borsheim Jewelry Store in Omaha, Neb., On Sunday, May 6, 2018. On Saturday, tens of thousands of people died. Berkshire Hathaway shareholders attended Berkshire. Hathaway shareholders meeting. (AP Photo / Nati Harnik)
For its part, Warren Buffett, billionaire and legendary investor, believes that higher taxes would help create more people like him.
"I was lucky to be born in a place where society values my talent and gave me a good education to develop it, and put in place the laws and the financial system to allow me to do what I 'like to do. a lot of money doing it, "said Buffett according to Barack Obama's" The Audacity of Hope. "" The least I can do is help pay for all that. "
Buffett expressed the same feeling more brutally in a 2011 New York Times editorial: "My friends and I were pampered long enough by a billionaire-friendly Congress. It is time for our government to seriously care about shared sacrifice. "
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