UK YouTube Poll
Michigan University Survey Shows 45% of High-Income Group Support Biden
A survey revealed that 6 out of 10 American middle-class and wealthier individuals support President Joe Biden's plan to raise the top income tax rate, a 'wealth tax' targeting the rich. It is noteworthy that not only the middle class but also high-income voters back Biden's tax hike proposal aimed at expanding welfare and reducing the fiscal deficit.
On the 23rd (local time), YouGov, a polling firm, surveyed 800 Americans with assets over $1 million excluding their homes, and 60% of respondents supported raising the top income tax rate on those earning over $100 million annually from the current 37%.
More than 60% of respondents viewed the rapidly growing inequality as a threat to democracy. Ninety-one percent believed that excessive concentration of wealth allows some wealthy individuals to buy political influence with money. Over 75% thought that the rich can exploit loopholes and strategies unavailable to ordinary taxpayers to avoid income reporting or tax payments.
Sixty-two percent of respondents supported global tax coordination to prevent billionaires from relocating to other countries to avoid tax increases. Additionally, 59% backed the proposal to impose a 2% wealth tax on billionaires worldwide, which is set to be discussed at this month's G20 summit in Brazil.
Tax policy has emerged as a major issue in the upcoming U.S. presidential election in November. President Biden, seeking re-election, has announced plans to push for tax hikes. He proposed a 25% wealth tax on those with assets exceeding $100 million. He also plans to raise the top income tax rate from the current 37% to 39.6%. The YouGov survey mentioned a $100 million threshold, but Biden's plan applies this rate to individuals earning over $400,000 annually, which is much lower. There is also consideration to raise the corporate tax top rate from the current 21% to as high as 28%.
Maurice Perl, head of the civic group 'Patriotic Millionaires,' which commissioned the survey, emphasized, "Most millionaires in the U.S. understand that the inequality we are witnessing is destabilizing our country," adding, "We must take action before it is too late."
Another poll also showed high support for President Biden among high-income earners. According to a survey conducted by major foreign media and the Ross School of Business at the University of Michigan targeting American voters, households earning over $100,000 annually are more likely to support Biden's economic policies than former President Trump. Forty-five percent of high-income earners supported Biden, while 40% supported Trump, a 5 percentage point difference.
One foreign media outlet analyzed, "Biden's tax hike plan targeting the ultra-wealthy is resonating well with the upper middle class as well," and noted, "Although Biden's economic policies have been damaged by the worst inflation in the U.S. since the 1980s, some wealthy Americans believe he will perform better than his Republican rivals."
Voters in battleground states, which will decide the outcome of the U.S. presidential election, have already shown support for the wealth tax. A Bloomberg News survey conducted with Morning Consult in March among voters in seven battleground states found that 69% of voters responded positively to Biden's wealth tax slogan.
Meanwhile, former President Donald Trump, the Republican presidential candidate, has proposed lowering or abolishing income taxes and compensating for the shortfall by raising tariffs. He also announced plans to reduce the top corporate tax rate from the current 21% to 20%. Hedge fund billionaire Bill Ackman, chairman of Pershing Square Capital, along with other Wall Street heavyweights, are reportedly backing Trump.
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