Politics Poll: 56 percent say wealth tax is part of solution to inequality
Democrats offer competing tax ideas on Biden infrastructure
Congressional Democrats are debating how they should raise taxes to finance President Biden's infrastructure plan, with minor disagreements emerging in the early stages.The White House has proposed raising the corporate tax rate from 21 percent to 28 percent and increasing taxes on U.S. companies' foreign earnings. But some Democratic lawmakers are pushing back on aspects of the tax proposals, while others have suggested ideas that diverge from the administration's plans. Reaching consensus on taxes will be among the top challenges for Democrats as they work to enact an infrastructure and jobs package in the coming months.
A majority of voters in a new Hill-HarrisX poll said wealth inequality is a significant problem facing the country and a wealth tax is part of the solution.
Fifty-six percent of registered voters in the April 9-12 survey said billionaires paying a wealth tax is part of the solution to wealth inequality, a figure that has held steady when compared to last month's.
By contrast, 44 percent of respondents said it is unfair to impose an additional tax on people who already pay income taxes because it becomes a penalty for being rich.
What Matters: Taxes will have to go up for someone
The US is entering a weird place where even some big money execs -- the kinds of people who usually build businesses by doing everything they can to avoid paying federal taxes -- agree the government needs to raise funds to keep things rolling. © shutterstock Now, like a family with a calculator at the kitchen table going over its bills, American policymakers and business leaders are slowly coming around to the most obvious mathematical truth: Companies will need to shell out funds if they want the government to invest in President Joe Biden's goal of bringing the nation's infrastructure up to scratch.
The gap between the number of Democrats and Republicans who believe a wealth tax is part of the solution to inequality in the U.S. is large at 77 percent and 35 percent, respectively.
The number of independents - 55 percent - who see a wealth tax as part of the solution to inequality rose 6 percentage points from March 5-8 survey.
Sen. Elizabeth Warren (D-Mass.) has a wealth tax that would create an annual tax of 2 percent on the net worth of households and trusts between $50 million and $1 billion and a tax of 3 percent on net worth above $1 billion.
President Biden has also stated as part of his American Jobs Plan - a large infrastructure spending bill - he would increase the corporate tax rate to to pay for the over $2 trillion package.
However, news of raising corporate tax rates have been unpopular among Republicans and some moderate Democrats.
The most recent Hill-HarrisX survey comes after anotherfound a majority of voters, 54 percent, believe higher-earning Americans should pay more in taxes
The Hill-HarrisX poll was conducted online among 2,813 registered voters. It has a margin of error of 1.85 percentage points.
Democrats’ Tax-Hike Bet Relies on Their New $500,000-Plus Voters .
President Joe Biden is asking congressional Democrats to vote for a tax increase that will test a long-held liberal article of faith: that many wealthy Democrats won’t mind paying more in taxes if they can be convinced the money would lead to greater prosperity for everyone. Democrats now represent 65% of taxpayers with a household income of $500,000 or more, according to pre-pandemic Internal Revenue Service statistics. And as Congress begins considering Biden’s $2.