Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Sen. Elizabeth Warren (D-Mass.) speaks onstage at the MoveOn Big Ideas Forum at The Warfield Theatre on June 01, 2019 in San Francisco, California. (Photo: Miikka Skaffari/Getty Images for MoveOn)

Even the 1% Know They Aren't Paying Their Fair Share: New Poll Shows 60% of Millionaires Support Warren's Ultra-Wealth Tax

"A majority of Americans, even the 1% of us, know that our inequality is out of control and we need to make some big changes if we want to fix things."

Jon Queally

"Taxing the rich is popular among... the rich!"

That was the comment from the Patriotic Millionaires, a group representing progressive people of wealth who call for higher taxes on themselves, in reaction to a new CNBC poll out Wednesday that showed a full 60 percent of millionaires surveyed voiced support for the wealth tax proposal put forward by 2020 Democratic presidential candidate Sen. Elizabeth Warren.

"A majority of Americans, even the 1% of us, know that our inequality is out of control and we need to make some big changes if we want to fix things," the group said on Twitter.

According to CNBC:

Fully 60% of millionaires support Warren’s plan for taxing the wealth of those who have more than $50 million in assets, according to the CNBC Millionaire survey. The wealth tax is different from an income tax, since it taxes a family’s total holdings every year rather than their income. 

Polls show that a majority of Americans also back a wealth tax. But the support from millionaires, some of whom would presumably pay the tax, shows that some millionaires are willing to accept higher taxes amidst growing concern over inequality and soaring fortunes of the rich. 

While 88% of Democrats support the wealth tax, 62% of independents support it along with 36% of Republicans. Even the upper tier of millionaires, those worth more than $5 million, support a wealth tax, with two-thirds in favor.

"Even the wealthy know they haven't been paying their fair share," tweeted Tax March, a progressive taxation and economic justice group which is spearheading an upcoming nationwide "Tax the Rich" tour.

As Common Dreams reported when she released the plan in January of this year, Warren's proposal calls for a 2 percent tax on individual and family wealth over $50 million and 3 percent tax on wealth that exceeds $1 billion.

As economist and former U.S. labor secretary Robert Reich detailed earlier this year in a video and companion column, "Wealth isn’t like income.  Income is payment for work.  Wealth keeps growing automatically and exponentially because it’s parked in investments that generate even more wealth."

Citing that estimate that a wealth tax like Warren's could as much as $2.75 trillion dollars over the next decade—revenue that could be utilized for health care, education, infrastructure, and much else—Reich argues that "Not only would a wealth tax raise revenue and help bring the economy back into balance, but it would also protect our democracy by reducing the influence of the super-rich on our political system."


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.

Scientists Revive ‘Zombie’ Virus After 50,000 Years Trapped in Siberian Permafrost

Researchers documented 13 never-before-seen viruses that have been lying dormant, frozen in thick ice, over tens of thousands of years.

Common Dreams staff ·


'Cleaner Air Is Coming' as London Expands Vehicle Pollution Fee to Entire Metro Area

"Around 4,000 Londoners die prematurely each year because of long-term exposure to air pollution, with the greatest number of deaths in outer London boroughs," noted Mayor Sadiq Khan in announcing the expansion.

Brett Wilkins ·


'Amazing News': Historic Shark Protections Approved at Global Wildlife Convention

Up to 90% of sharks targeted by the lucrative fin trade will now be protected, said one advocate.

Julia Conley ·


'The Nightmare Materializes': Far-Right Extremist Itamar Ben-Gvir to Be Israel's National Security Minister

The Foreign Affairs Ministry of the Palestinian Authority said Ben-Gvir's elevation to national security minister could have a "catastrophic impact on the Israeli-Palestinian conflict."

Jake Johnson ·


Raging Wars, Soaring Hunger Put Women and Girls in Crosshairs, Warns UN

"A toxic mix of crises—conflicts, climate, skyrocketing costs, and the ripple effects of the Ukraine war—are inflicting a devastating toll on the forcibly displaced. This is being felt across the world, but women and girls are particularly suffering."

Brett Wilkins ·

Common Dreams Logo