Amidst a neck-and-neck rematch between current US President Joe Biden and former US President Donald Trump, a recent survey showed that many American millionaires support Biden’s initiative to impose higher taxes on the rich.
According to the Financial Times, a YouGov poll based on responses from 800 Americans who self-reported a net worth of at least $1 million, excluding their homes, showed that almost 60% favor hiking marginal taxes on income above $100 million beyond the current rate. They cited concern for the erosion of democracies if wealth disparities worsen.
Further, 91% of respondents agreed that extreme wealth concentration could confer a few political influences. Over three-quarters of respondents believed that the wealthy can evade paying their fair share of taxes by exploiting loopholes in the tax system.
The poll was commissioned by Patriotic Millionaires, the progressive organization that advocates for a highly progressive tax system.
The survey was conducted on those with assets exceeding $1 million, excluding their primary residences. Morris Pearl, chair of the Patriotic Millionaires, told the Financial Times that most American millionaires recognize the destabilizing effects of the nation’s current inequality. He emphasized the urgency of taking action before it becomes too late.
The YouGov poll also showed that 62% of respondents supported measures to prevent billionaires from fleeing countries to evade high taxes.
Biden is committed to implementing a more progressive tax policy. In March, he insisted that billionaires should pay at least 25% in taxes, vowing to ensure that the wealthiest Americans bear their fair share. In contrast, Trump has advocated for extending tax cuts.
Meanwhile, in a separate survey conducted by FT and the University of Michigan’s Ross School of Business, households with incomes over $100,000 appeared more likely to support Biden’s economic policies than other groups.
45% of the highest income bracket believe Biden would manage the economy better, while 40% support Trump. Despite Biden’s campaign focus on gaining support from middle-class voters, his highest level of support came from high-income households.
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