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News > U.S.

Most US Citizens Support Wealth Tax to Combat Inequality

  • Bernie Sanders detailed his proposal to impose a one percent tax on wealth between US$32 and $50 million, with the rate progressively increasing on richer U.S. nationals.

    Bernie Sanders detailed his proposal to impose a one percent tax on wealth between US$32 and $50 million, with the rate progressively increasing on richer U.S. nationals. | Photo: EFE

Published 27 February 2020
Opinion

A new survey released shows 66 percent of U.S. nationals support the proposal to tax wealth. 

Just over two-thirds of United States voters favor a tax on the wealthiest households, which translates in increasing support for a wealth tax to combat persistent inequality, according to a new survey by TheHill/HarrisX.

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A vast majority of the surveyed public (66 percent), including majorities of Democrats and Independents, said there should be a wealth tax on billionaires as Democratic front-runner Bernie Sanders and Elizabeth Warren have proposed as part of their presidential campaigns.

Democrats represent majority with 85 percent of approval ratings along with 66 percent of independent voters that also backed the proposal. Nearly half of Republican respondents said they would also support a wealth tax in the poll, which was conducted between Feb. 23 and 24.

The survey was released just a month after Reuters reported similar findings in another poll, which showed 64 percent of U.S citizens supported a wealth tax. 

The Hill/HarrisX found similar support for Warren's proposed wealth tax a year ago, soon after the senator released her plan to impose a two percent tax on wealth over US$50 million and a three percent tax on assets over US$1 billion.

Last September, Sanders detailed his proposal to impose a one percent tax on wealth between US$32 and $50 million, with the rate progressively increasing on richer U.S. nationals.

Both Democrat senators have said revenue from their wealth taxes would go to funding universal childcare programs, Medicare for All, and tuition-free public college—all of which a majority of U.S families have also been shown to support.

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