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

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

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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%.

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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.

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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?

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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.

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