Americans Ready to Drain the Rich?

Americans Ready to Drain the Rich?
Americans Ready to Drain the Rich?

Have money? If you worked hard your whole life to qualify as “well-off,” a significant portion of America now believes you should be paying more into your taxes. A recent news article posted to Politico reveals that nearly 74 percent of all Americans (Democrats AND Republicans) support for higher taxes on the rich.
We’ll tell you what’s driving the desire to soak the rich, and why the move isn’t as straightforward as it seems, in today’s post. Tuck your Benjamins away securely; let’s dig in.

  • The statistics here don’t come from an official government poll; instead, they come from last Monday’s POLITICO/Morning Consult poll. Every week, the website asks readers to chip in and give their thoughts on a variety of topics, just as we sometimes do by asking you to tell us what you think.
  • Last Monday’s Morning Consult asked users to tell Politico whether they favored Elizabeth Warren’s recent proposal to levy a 2 percent tax on people with a net worth of $50 million or higher. That number would increase to 3 percent for America’s top earners (people worth over $1 billion). Alternatively, they had the option to “favor” a higher, 70-percent tax rate instead.
  • An overwhelming 60 percent of users favored Warren’s “wealth tax;” just 20 percent opposed it. Around 45 percent preferred Ocasio-Cortez’s higher 70-percent tax rate instead; 32 percent shot the new Democrat’s idea down completely.
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  • Here’s what’s really surprising: it isn’t just Democrats doing the voting. In fact, the Morning Consult closely matches another recent Fox News survey on the same subject. In that case, the poll results reflected 70 percent support from users for an overall increase on taxes for the rich. Nearly 54 percent of all Republican users on the Fox News site voted in favor.
  • Support for raising tax on upper-middle-class families was also shockingly high. Nearly 44 percent voted in favor of raising taxes for families making $250,000 per year, while 65 percent believed taxes should rise for families making $1,000,000 or more instead.
  • Just 13 percent of users voted in favor of raising taxes across the board. This is important because it tells us that Americans do not believe the poor and generally middle-class citizen should be taxed into the ground.
  • Ultimately, it’s a sign of a shift in America. Both the Left and the Right believe the ultra-rich shouldn’t be free to sit on millions of dollars (or, in the case of George Soros, free to use it for evil) without chipping in. But as far as where people sit, Republicans still seem to feel cautious about adding more taxes.
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How do you feel about taxing the rich? Do they deserve to keep their hard-earned money, or are there people manipulating the system without giving back? Let us know in the comments.