CNBC: A majority of millionaires support a wealth tax on those worth $50 million or more, but their support declines for a tax on those worth $10 million, according to a new poll.
Fifty-nine percent of millionaires said they would support a new federal tax on wealth over $50 million, according to the Q4 CNBC Millionaire Survey. Democratic presidential candidate Elizabeth Warren’s tax plan includes a wealth tax of 2% on wealth over $50 million and 6% over $1 billion.
Forty-eight percent opposed a wealth tax on those worth over $10 million.
Attitudes toward the wealth tax are also strongly dependent on political party rather than wealth levels. Fully 88% of Democratic millionaires support a tax on wealth over $50 million, compared with just a third of Republican millionaires. MORE
There is nothing more pernicious then de incentivizing the accumulation of wealth, crass unvarnished class envy with a dose of victimhood thrown in.
Overly taxing income is bad enough, not only counter to capitalism in general but that of the American dream (becoming successful and prospering to the individual’s fullest potential) but when you tax wealth, and the accumulation of assets over time, you are ultimately waging war on anyone that wants a better life and is productive as a worker.
It’s really a sham anyway since the ultra-wealthy husband their finances in trusts and offshore accounts, untouchable.
Any thinking person sees this for what it is, a brazen ploy to stoke class envy and secure the youngsters’ vote, those that as yet have not accumulated any wealth themselves.
Those people with 10 to 20 million dollars should realize that if they knock the people with more down to below $50 million, nothing will Improve then they will increase the wealth tax to include them anyway.
You have heard of NIMBY, or not in my back yard? They say NIMBA, or not in my bank account. Or as Huey Long put it, “Don’t tax you. Don’t tax me. Tax the man behind the tree.”
Always follow the money. Always.
Who doesn’t love spending other people’s money?
Taxes on millionaires…
Should be 2 1/2 % per million and no higher,
The lower the rate, the more it brings in,
Income tax should be replaced by a national sales tax,
Where you control the taxes by what you buy, new or used,
No forms to fill out, no deadlines to file, no deductions from your paycheck,
IRS shutdown.
Every single tax that ever has been laid, from income taxes to social security taxes to sales taxes to real estate taxes… starts out minimal… and over time gets increased.