Most wealthy Americans are signaling their support for President Joe Biden’s plan to boost taxes on the wealthy, they usually are much more determined than his administration to tax the world’s super-rich, in response to a brand new poll.
A YouGov survey of Americans with assets of greater than $1 million (excluding homes) found that almost 60 percent favor raising marginal taxes on incomes over $100 million beyond the present rate of 37 percent, in response to the Financial Times.
The survey also found that 62 percent of American millionaires support global efforts to forestall billionaires from fleeing higher-tax countries.
In addition, 59 percent support the proposal to require the world’s billionaires to pay taxes of at the least two percent of their total wealth annually, but Treasury Secretary Janet Yellen rejects this concept.
“We believe in progressive taxation. But the idea of ​​a common global regime to tax billionaires whose proceeds are redistributed in some way – we do not support any process that tries to achieve that. That is something we cannot agree with,” she told the Wall Street Journal Last month.
The poll comes as taxes turn into a significant flashpoint within the 2024 election. Biden has said he wants to boost the highest tax rate to 39.6%, which might apply to single people earning over $400,000 and married couples with combined incomes over $450,000. Meanwhile, Donald Trump has said he wants to increase the tax cuts he put in place as president, otherwise they’d expire at the tip of next yr. Biden would extend those cuts as well, aside from the rich.
Billionaire Warren Buffett has long argued that those that pays more taxes should accomplish that. His secretary said: paid the next tax rate as he.
Meanwhile, other billionaires are also supporting each candidates. Blackstone CEO Stephen Schwarzman and Miriam Adelson support Trump, Pershing Square CEO Bill Ackman He reportedly tends to support Trump to. Tim MellonHeir to the Mellon fortune, recently reported a $50 million donation to a pro-Trump super PAC.
Also last week, billionaire and philanthropist Melinda French Gates endorsed a presidential candidate for the primary time, expressing her support for Biden in and CNN commentaryAnd Michael Bloomberg announced a $20 million donation to support Biden.
A separate FT-Michigan Ross According to the FT, 45 percent of top earners in a survey of US voters said Biden was higher economically, while 40 percent said Trump was higher.
