July 20, 2024

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US millionaires support Joe Biden’s plan to tax super-wealthy, poll shows

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US millionaires have signalled their support for Joe Biden’s push to make the wealthiest Americans pay more tax, in a sign that the president’s plan to impose bigger levies on extreme wealth is playing well with the country’s upper-middle class.

A YouGov poll of Americans with assets other than their home worth more than $1mn showed that a majority supported a more progressive US tax system, one of the tenets of Biden’s economic strategy for re-election in November.

Almost 60 per cent of the 800 respondents said they would back marginal rates on income tax above $100mn that were higher than the current top rate of 37 per cent.

The poll, commissioned by Patriotic Millionaires, a group of high-net worth Americans and businesses concerned about rising levels of inequality in the world’s largest economy, found more than 60 per cent of those surveyed viewed rapidly expanding inequality as a threat to democracy.

Ninety-one per cent agreed the concentration of extreme wealth allowed some of their fellow citizens to buy political influence.

More than three-quarters thought the wealthy had access to loopholes and strategies unavailable to average taxpayers to avoid declaring income or paying a fair share of tax.

“Most millionaires in the United States understand that the inequality we’re seeing now is destabilising our nation,” said Morris Pearl, chair of Patriotic Millionaires. “We really have to do something about that before it’s too late.”

Biden has made more progressive tax policies a cornerstone of his policymaking agenda.

In his State of the Union address in March, the US president said billionaires would need to pay a minimum tax of 25 per cent and has repeatedly pledged to ensure that the very wealthiest Americans pay their fair share. However, despite repeatedly pledging to enact a billionaires’ tax, such a…



2024-06-23 00:00:43

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