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.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

160 Patient Advocates Demand Medicare Negotiation in Build Back Better Package

"We're confident that inclusion of comprehensive drug pricing reforms in the reconciliation package will lower prices, save lives, and ensure continued development of innovative new drugs."

Jessica Corbett ·


'Cartoonish Level Corrupt': As Dems Fight for Bold Agenda, Sinema to Fundraise With Its Corporate Opponents

"Sinema is setting her political future on fire," said one Democratic organizer. "If she doesn't change course drastically and soon, it will be too late."

Brett Wilkins ·


'Momentous Win': Years of Local Opposition Defeats PennEast Pipeline

Opponents in Pennsylvania and New Jersey cheer "cancellation of this unneeded, dangerous fracked gas pipeline."

Jessica Corbett ·


Amid Calls for Closure, House Dems Urge NYC Officials to End 'Inhumane Conditions' at Rikers

A dozen prisoners have died this year alone at the notoriously violent and overcrowded jail complex.

Brett Wilkins ·


'Quite Literally What Instigated the Tunisian Revolution': Outrage After NYC Food Vendor's Stall 'Trashed'

"The abuse of street vendors will continue until there is legislative change, creating a pathway for New York City's smallest businesses to formalize."

Kenny Stancil ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo