Survey Shows Millionaires Support Sen. Elizabeth Warren’s Plan to Tax Wealthy
A new CNBC survey shows that over 60% of a group of millionaires polled support Sen. Elizabeth Warren’s (D-MA) plan to tax very wealthy people.
According to the CNBC Millionaire survey, a full 60% percent of respondents said they would support Warren’s plans for a wealth tax. Polls already indicate that a majority of Americans also back a wealth tax.
A wealth tax essentially would tax a person’s accumulated fortune instead of taxing just earnings.
Warren’s plan would tax fortunes over $50 million at 2% and those in excess of $1 billion at 3%. She has estimated the tax would raise about $275 billion a year.
“Over the years, we have seen that this population is willing to pay more,” said George Walper, president of survey monitor Spectrem Group which helped CNBC with the poll.
The survey polled 750 people with investible assets of $1 million or more, with a third being Democrats, a third Republican and a third independent.
In this vein, support for Warren’s plan skewed to party lines when broken down by party. A full 88% of Democratic millionaire respondents supported the wealth tax, while 62% of independents supported it along with 36% of Republicans.
[Image via screengrab]
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