Nearly Two-Thirds of Voters Support Elizabeth Warren’s Wealth Tax
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On Jan. 24, a report emerged on Elizabeth Warren’s proposed wealth tax, which would apply to less than 0.1 percent of the richest American households and include measures to close tax loopholes. Now, a new poll courtesy of Politico/Morning Consult shows that 61 percent of voters back such a tax on the super-wealthy, as the Washington Post reports. Only 20 percent polled said they opposed the tax and 19 percent remained undecided.
The numbers show a rising support for the wealth tax that crosses the political aisle. A solid 50 percent of Republicans polled voiced their support for the wealth tax, with 30 percent opposing. As expected, nearly three-fourths of Democrats supported taxing the highest earners in the U.S. and a sizable 56 percent of Independents approved of the measure, too.
The Politico/Morning Consult poll reports less support for Alexandria Ocasio-Cortez’s proposed 70 percent marginal tax rate, which would levy earnings exceeding $10 million. 45 percent of voters backed Ocasio-Cortez’s tax rate, while 32 percent opposed. However, one must bear in mind that the wording of polls can greatly affect the results, as a Hill-HarrisX survey found that 59 percent of registered voters supported the 70 percent marginal tax rate.
The broadening base behind taxing the uber-rich (the top one percent of Americans, by the way, now own 40 percent of the country’s wealth) should come as no surprise. In a Gallup poll last year, 62 percent of respondents said that taxes are too low on high-income Americans and 66 percent reported they were too low on corporations. And, historically, taxes like Ocasio-Cortez’s are fairly standard—in fact, under Republican President Dwight Eisenhower, the marginal tax rate peaked at 91 percent. Bernie Sanders has likewise joined the newly invigorated effort to see rich Americans pay their share, proposing the “For the 99.8% Act,” a bill expanding the estate tax and affecting the 0.2 percent of country who inherit more than $3.5 million.