Americans Want Wealth Tax On Ultra-Wealthy

Do you pay enough, or even too much, in federal taxes?

Few people think their personal taxes should be higher.  It’s more typical that taxpayers think they pay enough, or even too much, but can point to another group that should be putting a little more in the kitty.  According to a new Reuters/Ipsos poll, most of us identify one group that should be paying more, the very rich.

President Trump says it’s a socialist idea, while presidential hopefuls Bernie Sanders and Elizabeth Warren fully embrace it.  The notion is a wealth tax applied to those with holdings above some astronomical threshold like $50 million.  As it turns out, lots of us are comfortable with the idea.

A Reuters/Ipsos poll that found nearly two-thirds of respondents agree that the very rich should pay more.

Out of more than 4,400 people surveyed, 64% strongly or somewhat agree that “the very rich should contribute an extra share of their total wealth each year to support public programs.”

Note that this is not about higher income taxes, this is about shaving off a portion of what someone holds, which makes it a wealth tax.

This doesn’t split along party lines.  While more Democrats (77%) favor the idea, a majority of Republicans (53%), were also good with it.

Some people tried to split the difference between freedom and taxes.

Esin Zimmerman, 53, a lifelong Republican from Madison, Minnesota who favors a wealth tax, said:

“Rich people have a right to blow their money on Lamborghinis and world-wide cruises or whatever.  But that money could be used in other ways that help people.”

Wealth taxes are notoriously hard to enforce because typically it’s not held in easily quantifiable forms such as cash or stock.  If a person owns a $50 million home outright, is it taxed?  What about art, or a family business?  Most countries that tried a wealth tax have scrapped it.

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Comments (23)

  1. Jesse Johnson

    Rich people create JOBS, the more you take from them the less jobs you have. I f you take all of the money from rich people, it would not cover the expense liberals want.

  2. Cookiepress

    Get rid of income tax altogether and go FairTax. Income tax is just another way for government to control the people. Also has way too many loopholes. FairTax gives us control over our money

  3. catherine

    I’m NOT one of them!

  4. Gary Lee

    When it comes to taxes, everyone wants others to pay them. It’s not surprising that a wealth tax is popular with people who are not wealthy. That sounds like a no brainer, unless you look at the many European countries that have tried it. In those cases, many of the “wealthy” moved to another country. That not only stopped their wealth tax, but also stopped their already high income tax. Nearly all the European countries then reversed their wealth tax, in an effort to get their wealthy to return. The wealthy also contribute most of the charity dollars, tend to be the most educated, and overall are the community leaders. These are not the people that you should encourage to move to New Zealand.

  5. Ida

    These wealthy people were already taxed on the income that bought that million dollar mansion and the fancy cars, why should they be taxed again. Your house is paid for, should you pay a wealth tax on that? They already pay property taxes and taxes to license to drive just like you, according to the assessed value of the item. Should your savings account be taxed? They are already taxed on interest earned as it is income.

  6. Michael Morgan

    How about a tax on politicians instead of the taxpayers? I’d be for that in a minute.

  7. Joe

    The ONLY way I would be for a wealth tax is if they STARTED with our wonderful senate and house then ALL those great hollywood geniuses and the rest of the elite class (Bloomburg,Stoyer,Soros etc.). If they would agree to be taxed at a one time rate of $100,000.00 per million of their estimated wealth. Lets see them put their money where there mouth is.

  8. john binseel

    be very wary voting or giving support to politicians who want to tax the rich! Why? After they get elected, it will turn out that YOU are very ` wealthy!!!

  9. Warren

    Just fine. But remember, it’s your wealth they will be coming after next.

  10. Nicholas Corvo

    Why should the successful in this country be singled out and punished?. This mindset of “you have more, so you owe me something” id Socialism at its worst. It is in the nation’s best interest for everyone to do their best to make a strong and financially stable nation. What’s needed is a healthy cut in government subsidies and spending. A flat tax and the replacement of our corrupt “representatives” in Washington are needed, who treat our tax money as nothing more than a convenient bucket of funds to throw money at whatever group our electorate chooses to placate. No matter your income, the amount of your tax money should be treated with the respect it deserves,

  11. JoeyP

    Absolutely NOT! . . . This is the beginning of Socialism/Communism. Learn instead to get into the “cash flow”. Team Trump and his allies 2020.

  12. Observer-19

    Sorry, not even a nice try leftist Dems/media minions! We do NOT want a wealth tax. And we do NOT want the gov’t getting even more of its sticky fingers into our lives. Granted, there are a number of CEOs that are grossly over paid (e.g., greater than 100 times their median worker pay packages), but we stockholders can band together and vote against their pay packages. The gov’t needs to stick solely to the items identified in the Constitution and get out of the way. KAG 2020!

  13. ChuckB

    Not sure which “Americans” this BS is talking about but my guess would be liberal democrats who are pushing the socialist agenda.

  14. Brit Hadden

    Hey All You Morons Who Voted for Reagan,Go To Hell!We Needed A Wealth Tax 40 Years Ago!
    There Is No Trickle Down Except When You Piss On Your Leg!

  15. charles s smith

    Only the “cry-baby” left wants a wealth tax placed on the wealthy! They fail to understand that those Ultra-Wealthy provide a lot of Americans jobs. I guess they want Americans out of work………………..which is part of their plan to get control of the people like a Dictator would! Communism at its finest!

  16. Michael Duffy

    You don’t want to tax the ultra rich because they own company’s they will just pass the tax down to the workers

  17. Dale Wark

    Strongly oppose a wealth or personal property tax and am reasonably sure it would take a Constitutional amendment to enact such legislation. I am a staunch Conservative and would be amenable to higher income tax rates on higher levels of taxable income. Of course, since I don’t have “higher levels of taxable income”, why wouldn’t I agree? And that is exactly the point – everyone, including me, is willing to see the super-rich pay more income taxes – maybe taxable income over $1,000,000 should be taxed at a 60% rate? But higher taxes are never the answer; reduced spending is the ONLY answer.

  18. Candy Mcgraw

    Take me off your Republican propaganda BS network! I’m a Liberal Democrat & I’m fighting to remove Trump and the treasonous Senate members from office immediately and in to prison for their crimes against our country and Allies

  19. Carold D Whisnant

    Each of us enter into the job market with a desire to make money. As we make money, we want more money. We are very happy that our skills enable us to make a lot of money. We worked hard to reach this point in life. Finally we can make enough money to help parents, siblings, friends, etc. We are very happy that the USA enabled us. Time passes and income grows. Government and others began thinking about how nice it would be if those who made more would give us some of their money. Shit they will not voluntarily give what they earned blood sewat and tears.

    Make the story short. Why should I give you my money so you can buy A MERCEDEZ LIKE MINE????????????????????……. GET OFF YOUR LAZY ASS AND EARN YOUR OWN!!!!!!!!!!!!!!!!

  20. Dee

    Tax the ultra-wealthy more and just watch the government spend it away on their favorite project.
    Why is this even being considered, just more liberal nonsense. In other articles I have read State that the top 1% already pay 90% of US taxes. Greed and jealousy is the only reason any one would support a wealth tax. Let’s do some common sense comparison. Should a person just out of high school receive the same pay as a plumber or the plumber the same as a corporate president, or a baker the same as a Doctor. This is essentially what people who say they want more equal pay are in favor of. Excessive tax on the rich will only drive them out of the country, leaving the tax they would of paid to lower income level tax payers, reducing buying power ,resulting in fewer jobs higher unemployment, like dominos falling driving our nation into more debt because the government will still want to keep spending more. How much tax revenue will be lost like product tax on sales of items and employees payroll taxes if the super-rich leave or just close their business?

  21. Thomas Drapela

    I guess that would hit our Professional Sports players hard, may be they would ask for less salary and spread the wealth among all players. It sure kills Free agency.

  22. Charles Cetti

    An annual wealth tax is absurd.
    Our country’s economic system is based on the idea that what someone is able to lawfully earn belongs to them, except for their obligation to share the cost of operating the government. The super rich already pay a hugely-disproportionate percentage of total government cost now. Their wealth shouldn’t be regarded as a piggy bank for financing public projects that politicians want to sponsor. That wealth should stay with those who earned it. I fear that greed and envy is at the root of why this wealth tax idea seems popular with the masses. I am one of the masses, but I don’t resent the wealth of the super rich one bit. I was raised by parents who counseled me to study the rich, so perhaps I could pick up some pointers that would help me improve my economic status. The rich represented the pinnacle of the American dream. They were admired, not only for their economic acumen, but also for the contributions that they made to bettering our everyday lives—-from Alexander Graham Bell, to Henry Ford, to Bill Gates and countless others. Too many of today’s parents don’t share this view. Instead, they decry the very rich and want to subject them to all sorts of “extra” tax measures. They instill these ideas into their children. Hence, we now have some politicians who publicly denounce people for great wealth and advocate eliminating billionaires through high taxation, such as a wealth tax. And that’s just the camel’s nose under the tent: If a wealth tax is imposed, it won’t be long before it is imposed not just on the super rich, but on all sorts of people who have a lot less. Remember the federal income tax? That idea was popular with the masses because it would only be imposed on the highest earning segment of the population, and it would only be 1%. How did that work out? The truth is that once you start down the path of new taxation, it is only a matter of time before the politicians change the rules so they can increase the amount of the tax and apply it to more and more taxpayers. Their appetite for revenue is insatiable.

    What you’re looking at with this stupid wealth tax idea is nothing less than the beginning of the economic version of the 1789 French Revolution! Those who don’t have their economic heads cut off will move their wealth out of this country very quickly! Please don’t fall for it!

  23. Big Ed

    It’s disheartening to hear that over half of “conservatives” think that very rich people should have to pay a wealth tax. For most wealthy people, their incomes were taxed to the hilt when they earned it, so it’s terrible that any government should come along later and tax what you have left. The people who approve of this unfair proposition are being really stupid, as well. Today, the government wants to tax only people who have fifty million dollars left, but time has shown that soon enough that number will drop to twenty five million and later one million, etc., etc. It will be hard to argue that you should be exempted when the number reaches a hundred thousand and now it includes you-when you have been a champion for tearing the “rich” a new a** hole. Look back over the years and see how many punishments for a certain group of people eventually started including everybody.

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