Most rich Individuals are signaling assist for President Joe Biden’s plan to boost taxes on the wealthy, and they’re much more keen than his administration to tax the world’s ultra-rich, a brand new ballot stated.
A YouGov ballot of Individuals with belongings of greater than $1 million, excluding their houses, discovered that just about 60% are in favor of climbing marginal taxes on earnings above $100 million past the present charge of 37%, in line with the Monetary Instances.
The ballot additionally confirmed that 62% of American millionaires assist international efforts to stop billionaires from fleeing international locations with greater taxes.
What’s extra, 59% are in favor of a proposal to require the world’s billionaires to pay taxes price at the least 2% of their general wealth yearly. That’s an concept that Treasury Secretary Janet Yellen opposes in its present kind.
“We believe in progressive taxation. But the notion of some common global arrangement for taxing billionaires with proceeds redistributed in some way—we’re not supportive of a process to try to achieve that. That’s something we can’t sign on to,” she instructed the Wall Avenue Journal final month.
The ballot comes as taxes turn out to be a key flash level within the 2024 election. Biden has stated he needs to elevate the highest marginal charge to 39.6%, which might apply to single households with an earnings above $400,000, and married {couples} with a mixed earnings topping $450,000. In the meantime, Donald Trump has stated he needs to increase the tax cuts he enacted whereas president. In any other case, they might expire on the finish of subsequent yr. Biden would additionally prolong these cuts, aside from the rich.
Billionaire Warren Buffett has lengthy advocated that those that will pay extra taxes ought to accomplish that, famously saying his secretary paid the next tax charge than he did.
In the meantime, different billionaires are lining up behind each candidates. Blackstone CEO Stephen Schwarzman and Miriam Adelson are supporting Trump, with Pershing Sq. CEO Invoice Ackman reportedly leaning towards endorsing Trump too. Tim Mellon, inheritor to the Mellon fortune, just lately reported a $50 million donation to a pro-Trump tremendous PAC.
Additionally this previous week, billionaire and philanthropist Melinda French Gates endorsed a presidential candidate for the primary time ever, expressing her assist for Biden in a CNN op-ed. And Michael Bloomberg introduced a $20 million contribution to assist Biden.
A separate FT-Michigan Ross ballot of U.S. voters confirmed that 45% of the highest earners say Biden is healthier on the financial system, topping 40% who assume Trump can be higher, in line with the FT.
