From freshmen representatives to 2020 presidential candidates, Democrats are floating the idea of major taxes on the ultra-wealthy, and like many new liberal policies (i.e. Medicare for All), what was once viewed as radical is doing well in the main-stream.
A poll from Politico/Morning Consult released Monday found that 76 percent of registered voters believe the wealthiest Americans should pay more in taxes. That closely aligns with another recent poll from Fox News that found that 70 percent of Americans —including 54 percent of Republicans —favor raising taxes on those earning over $10 million.
Despite backlash from Republican lawmakers and conservative media, Americans are down for rich people to start paying more taxes.
The recent proposals from Democrats vary but all add up to more taxation on a small and exclusive group at the top of the economic food chain. 2020 hopeful Sen. Elizabeth Warren wants a 2 percent wealth tax on those with a net worth over $50 million with an additional 1 percent on net worth over $1 billion. Freshman Congresswoman Alexandria Ocasio-Cortez proposed a 70 percent marginal tax rate on people who make over $10 million. Vermont Senator Bernie Sanders pushing on raising the estate tax to 77 percent on wealth in excess of $1 billion.
Republicans pounced on the idea, treating it as a socialist joke that would punish successful people.
Should someone propose a 70% tax on the Patriots so that NFL competition is more fair and equal? Asking for a friend.
— Dan Crenshaw (@DanCrenshawTX) February 4, 2019
Republicans: Let Americans keep more of their own hard-earned money
Democrats: Take away 70% of your income and give it to leftist fantasy programs https://t.co/NxJPSCqvrt
— Steve Scalise (@SteveScalise) January 5, 2019
But Democrats are relentless. And the polls show there’s good reason to be.
The same Politico/Morning Consult percent favor a “wealth tax” proposal like Warren’s.
The ultra-rich have rigged our economy & rigged our tax rules. We need structural change. That’s why I’m proposing something brand-new: An annual wealth tax on the tippy-top 0.1%. We’d get $3 trillion in new revenue to invest in rebuilding the middle-class. Let’s make it happen. pic.twitter.com/B0ImiSTxez
— Elizabeth Warren (@ewarren) January 25, 2019
Ocasio-Cortez’s 70 percent marginal tax rate plan had less support at 45 percent favoring it, but only 32 percent opposed it.
It’s wild that some people are more scared of a marginal tax rate than the fact that 40% of Americans struggle to pay for at least one basic need, like food or rent.
Imagine if we focused positively, away from fear of the former toward solving the latter.https://t.co/91SoKmhGxx
— Alexandria Ocasio-Cortez (@AOC) January 22, 2019
Now, as IJR previously reported, Democrats have the public on their side and Republicans defending billionaires, and that’s just fine by them.