Daily Management Review

Survey: US millionaires agree with raising taxes for the richest citizens


According to the Financial Times, a YouGov survey conducted among Americans earning more than $1 million revealed that the majority of them are in favor of Joe Biden's plan to raise taxes on the wealthiest residents and to introduce the progressive tax system.

401(K) 2012 via flickr
401(K) 2012 via flickr
Nearly 60% of participants indicated that they would be in favor of raising the currently 37% marginal income tax rate on income over $100 million. Simultaneously, over 60% of participants think that one of the major challenges to democracy is the rising income gap in the population.

91% of respondents concur that some Americans are able to influence national politics as a result of wealth concentration. Lastly, almost 75% of respondents think that wealthy people can avoid paying taxes and declare their income more easily than others.

Joe Biden has advocated for raising taxes on the wealthiest citizens on multiple occasions. The President declared in March that billionaires have to contribute a minimum of 25% in taxes. Furthermore, the administration of Joe Biden plans to increase the top marginal income tax rate to 39.6%.

source: ft.com