President Joe Biden delivers remarks about healthcare in Raleigh, North Carolina on March 26, 2024.
Biden's Bid to Tax the Rich Could Be the 2024 Lift the President Needs
New polling finds a majority of Americans across party lines support raising taxes on billionaires.
During his State of the Union address, U.S. President Joe Biden declared that he wants to raise taxes on the rich, and polling results published Tuesday show that both Democratic and Republican voters in important swing states support doing so.
The polling firm Morning Consult reports that 69% of registered voters in seven swing states say they support raising taxes on billionaires. That includes states like Michigan, Wisconsin, and Pennsylvania.
One of the most consistently popular policy proposals, across parties, is raising taxes on the rich. https://t.co/1fwJK5z0EN
— David Roberts (@drvolts) March 26, 2024
The poll found 58% of Republicans, 83% of Democrats, and 66% of independents support raising taxes on billionaires. The poll also found similar numbers of voters support raising taxes on people who make more than $400,000 per year.
Biden's 2025 budget plan includes a hike in taxes on the rich that would generate significant revenue for the federal government.
"Biden proposes to raise $503 billion over the next decade by imposing a 25% tax on people who claim more than $100 million in assets—a source of wealth that has long been beyond the reach of the [Internal Revenue Service]," The Washington Post reports.
In a New York Times opinion piece that was published on Wednesday, Felicia Wong, president and chief executive of the progressive advocacy organization Roosevelt Forward, outlined how opinions have changed about how much wealth is too much and if it should be more heavily taxed.
"Should we have trillionaires? Should we even have billionaires? According to at least one recent analysis, the economy is on track to mint its first trillionaire—that is 1,000 billion—within a decade. Such staggering accumulations of wealth are made possible in large part by the fact that America's federal tax burden is so comparatively light," Wong wrote. "After a long period of seeming to venerate the 1 %, or the 1% of 1% of 1%, American sentiment is swinging hard against this imbalance."
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
During his State of the Union address, U.S. President Joe Biden declared that he wants to raise taxes on the rich, and polling results published Tuesday show that both Democratic and Republican voters in important swing states support doing so.
The polling firm Morning Consult reports that 69% of registered voters in seven swing states say they support raising taxes on billionaires. That includes states like Michigan, Wisconsin, and Pennsylvania.
One of the most consistently popular policy proposals, across parties, is raising taxes on the rich. https://t.co/1fwJK5z0EN
— David Roberts (@drvolts) March 26, 2024
The poll found 58% of Republicans, 83% of Democrats, and 66% of independents support raising taxes on billionaires. The poll also found similar numbers of voters support raising taxes on people who make more than $400,000 per year.
Biden's 2025 budget plan includes a hike in taxes on the rich that would generate significant revenue for the federal government.
"Biden proposes to raise $503 billion over the next decade by imposing a 25% tax on people who claim more than $100 million in assets—a source of wealth that has long been beyond the reach of the [Internal Revenue Service]," The Washington Post reports.
In a New York Times opinion piece that was published on Wednesday, Felicia Wong, president and chief executive of the progressive advocacy organization Roosevelt Forward, outlined how opinions have changed about how much wealth is too much and if it should be more heavily taxed.
"Should we have trillionaires? Should we even have billionaires? According to at least one recent analysis, the economy is on track to mint its first trillionaire—that is 1,000 billion—within a decade. Such staggering accumulations of wealth are made possible in large part by the fact that America's federal tax burden is so comparatively light," Wong wrote. "After a long period of seeming to venerate the 1 %, or the 1% of 1% of 1%, American sentiment is swinging hard against this imbalance."
During his State of the Union address, U.S. President Joe Biden declared that he wants to raise taxes on the rich, and polling results published Tuesday show that both Democratic and Republican voters in important swing states support doing so.
The polling firm Morning Consult reports that 69% of registered voters in seven swing states say they support raising taxes on billionaires. That includes states like Michigan, Wisconsin, and Pennsylvania.
One of the most consistently popular policy proposals, across parties, is raising taxes on the rich. https://t.co/1fwJK5z0EN
— David Roberts (@drvolts) March 26, 2024
The poll found 58% of Republicans, 83% of Democrats, and 66% of independents support raising taxes on billionaires. The poll also found similar numbers of voters support raising taxes on people who make more than $400,000 per year.
Biden's 2025 budget plan includes a hike in taxes on the rich that would generate significant revenue for the federal government.
"Biden proposes to raise $503 billion over the next decade by imposing a 25% tax on people who claim more than $100 million in assets—a source of wealth that has long been beyond the reach of the [Internal Revenue Service]," The Washington Post reports.
In a New York Times opinion piece that was published on Wednesday, Felicia Wong, president and chief executive of the progressive advocacy organization Roosevelt Forward, outlined how opinions have changed about how much wealth is too much and if it should be more heavily taxed.
"Should we have trillionaires? Should we even have billionaires? According to at least one recent analysis, the economy is on track to mint its first trillionaire—that is 1,000 billion—within a decade. Such staggering accumulations of wealth are made possible in large part by the fact that America's federal tax burden is so comparatively light," Wong wrote. "After a long period of seeming to venerate the 1 %, or the 1% of 1% of 1%, American sentiment is swinging hard against this imbalance."