Most Millionaires Support Elizabeth Warren’s Wealth Tax Over $50M: CNBC Survey

Most Millionaires Support Elizabeth Warren’s Wealth Tax Over $50M: CNBC Survey

Most millionaires support Sen. Elizabeth Warren’s proposed wealth tax, according to CNBC’s Millionaire survey.

Sixty percent of millionaires who participated in the survey said they back Warren’s proposed 2% annual tax on assets over $50 million.

Support for the proposal was even higher among millionaires with assets worth more than $5 million, with 66% backing Warren’s wealth tax.

Polls show that most Americans back the proposal as well. Nearly 90% of Democrats support the plan, as do 62% of independents and 36% of Republicans.

Warren’s proposal would raise $275 billion per year:

Warren’s proposal would levy a 2% tax on all wealth above $50 million. In other words, anyone with $50 million or less in wealth would not be subject to the tax but all wealth above $50 million would be taxed at 2% per year. The tax would increase to 3% on wealth over $1 billion.

According to Warren’s campaign’s estimates, the tax would only affect the 75,000 richest families in the country and raise $275 billion per year.

Millionaires also back AOC’s 70% top tax rate:

The CNBC survey also found that a large number of millionaires also support New York Rep. Alexandria Ocasio-Cortez’s proposed 70% tax rate on all income over $10 million and a majority support repealing the 2017 Trump tax cuts.

“Over the years, we have seen that this population is willing to pay more,” said George Walper, president of Spectrem Group, which conducted the study with CNBC.

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