Should The Wealthy Pay More In Taxes? Poll Asked Whether The Rich Owed A Greater Share

A majority of Americans say the wealthy should pay more taxes, a Reuters/Ipsos poll indicated Friday.

The poll found 64% of the nearly 4,500 people queried said the rich should “contribute an extra share of their total wealth” to fund public programs. Also, Democrats (77%) were more likely to agree with the statement than Republicans (53%).

About a third (34%) – more than half of Republicans (56%) and a fifth of Democrats (21%) – said the rich should be able to keep what they have even if that means increasing inequality in the survey conducted Dec. 17-23.

Among the remaining candidates for the Democratic presidential nomination Sens. Elizabeth Warren and Bernie Sanders, as well as billionaire philanthropist Tom Steyer have proposed a wealth tax. Warren wants to impose a 2% annual levy on households with a net worth of $50 million to $1 billion and a 6% tax on those exceeding $1 billion. Sanders would impose a 1% tax on households worth $32 billion and scale that up to 8% on wealth of more than $10 billion. Steyer has called for a 1% tax on the wealthiest 0.1% of Americans.

In addition to the wealth tax, Sanders would hike estate taxes and cap deductions while former Vice President Joe Biden would increase the top tax rate to 39.6% and cap the value of tax breaks at 28%, Sen. Cory Booker would repeal the 2017 tax cut for the wealthiest families and increase the estate tax, and Sen. Amy Klobuchar would raise taxes on capital gains and dividends for those in the two highest tax brackets and require those earning more than $1 million to pay at least a 30% tax rate. South Bend (Indiana) Mayor Pete Buttigieg would raise the top individual rate to just a shade under 50%.

The Pew Research Center reported Thursday that Americans think there’s too much inequality, with much of the blame heaped on federal and state governments. Half of Democrats and a third of Republicans blame wealthy individuals. The survey of 6,878 adults was conducted Sept. 16-29.

Both Pew and Gallup polls indicated, however, few voters cited economic inequality when asked what they considered the most important issues facing the country.