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

Family enjoying a luxury vacation stock photo
stockstudioX / iStock.com

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%.

Make Your Money Work for You

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.

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

About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.