Advertiser Disclosure

Nearly Half of Wealthy Households Support Higher Taxes, According to Millionaire Survey

June 10, 2021

2 min Read

Written by Josephine Nesbit

Edited by Cory Dudak

stockstudioX / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

A recent CNBC survey of millionaires revealed that the majority of wealthy Americans are in favor of higher taxes for the wealthy and corporations.

See: Child Tax Credit Payment Schedule Is Out Now – Here’s When You’ll Get Your Money
Find: The Ultra-Rich Are Saving Their Money Instead of Spending It – Now the Middle Class Is ‘Buried’ In Debt

According to the survey, which was conducted by Spectrum Group on behalf of CNBC, almost half (48%) of wealthy Americans earning $1 million or more support increasing the capital gains tax. In addition, 60% of those individuals support a wealth tax on those worth $10 million or more.

The survey also revealed that 58% of millionaires support raising taxes on corporations to fund President Biden’s infrastructure plan. Biden proposed raising taxes for wealthy Americans and corporations to pay for infrastructure improvements. His plan would increase the top marginal income tax rate from 37% to 39.6%, while taxes for corporations could rise to as much as 28% from the current 21%.

New: Your 2021 Baby Makes You Eligible for the Child Tax Credit

Biden has also suggested raising the capital gains top tax rate to 39.6% from 20% for taxpayers whose income exceeds $1 million. CNBC also pointed out that when combined with the 3.8% net investment income tax that applies to wealthy individuals when appreciated assets are sold, the rate paid on those capital gains would be 43.4%.

According to the Treasury Department, this would apply to individuals with a taxable income of $452,700 and married couples filing a joint tax return with income over $509,300 in 2022, as reported by CNBC. It was also noted in an analysis by the Urban-Brookings Tax Policy Center that Biden’s plan would raise taxes by $213,000 for the top 1% in 2022.

Today's Top Offers

See: 25 Secrets Every Rich Person Knows
Find: 16 Money Rules That Millionaires Swear By

While survey respondents believe that tax hikes are fair, CNBC reported that 73% believe their tax burden is fair and 21% stated that they are paying too much. Meanwhile, while survey respondents do expect higher taxes under Biden, 62% don’t expect to alter their finances because of these changes. Where do you stand on the issue of a tax increases?

More From GOBankingRates:

Last updated: June 10, 2021