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Majority of Americans favor wealth tax on very rich -Reuters/Ipsos poll

Credit: Reuters - Politics
Published on January 10, 2020 - Duration: 01:01s

Majority of Americans favor wealth tax on very rich -Reuters/Ipsos poll

Among the 4,441 respondents to a Reuters/Ipsos poll, 64% strongly or somewhat agreed that the very rich should contribute an extra share of their total earnings - the essence of a wealth tax.

Jonah Green has more.

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Majority of Americans favor wealth tax on very rich -Reuters/Ipsos poll

SOUNDBITE (ENGLISH) SENATOR ELIZABETH WARREN, SAYING: “It's time for a wealth tax in America.” The idea of imposing a wealth tax on the richest Americans has elicited sharply divergent views across a spectrum of politicians, with President Donald Trump branding it socialist and progressive Democratic presidential contenders Senators Elizabeth Warren and Bernie Sanders prominently endorsing it.

But it may have broad public support, according to a Reuters/Ipsos poll that found nearly two-thirds of respondents agree that the very rich should pay more.

Sixty-four percent strongly or somewhat agreed that “the very rich should contribute an extra share of their total wealth each year to support public programs." While support among Democrats was stronger, at 77%, a majority of Republicans, 53%, also agreed with the idea.

Warren and Sanders have touted the idea as a way to help pay for major social programs like Medicare for All and to reverse a stark rise in the share of wealth owned by the very richest Americans, known as the “1 percent.” Asked in the poll if “the very rich should be allowed to keep the money they have, even if that means increasing inequality,” 54% of respondents disagreed.

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