American Millionaires Support Biden's Plan to Increase Taxes on the Wealthy

American millionaires have expressed support for President Joe Biden's efforts to increase taxes on the wealthiest individuals in the country. This indicates that Biden's plan might not face significant opposition from the upper-middle class.

According to the Financial Times, a survey conducted by YouGov revealed that the majority support a more progressive tax system in the U.S. The survey included individuals with assets worth over $1 million, excluding real estate.

The tax plan is a crucial part of President Biden's economic strategy for his re-election campaign in November this year. Among the 800 people surveyed, around 60% said they would support raising the top marginal income tax rate from the current maximum of 37% for those with assets over $100 million.

The survey was commissioned by Patriotic Millionaires, an organization of wealthy Americans and businesses concerned about increasing inequality in the world's largest economy. The survey results show that over 60% of respondents view the rapidly increasing inequality as a threat to American democracy.

91% agreed that excessive wealth concentration allows a few Americans to buy political influence. More than three-quarters believe that the wealthy have access to loopholes and strategies that ordinary taxpayers cannot use to avoid declaring income and paying taxes proportionate to their earnings.

"Most millionaires in America understand that the inequality we are witnessing will create instability for the country. We really need to do something before it’s too late," emphasized Morris Pearl, chairman of Patriotic Millionaires.

A more progressive tax system is a cornerstone of Biden's policy agenda. In his State of the Union address in March, Biden said billionaires need to pay a minimum of 25% in taxes and repeatedly promised to ensure that the wealthiest Americans pay their fair share of taxes. However, such a tax plan is unlikely to pass in the U.S. Congress.

The Biden administration also wants to raise the top marginal income tax rate to 39.6%. Such an increase could affect more survey participants, not just the super-rich. Biden's plan is to apply the highest tax rate from a much lower asset threshold than the $100 million mark mentioned in the YouGov survey. In his plan, households earning over $400,000 annually or couples with combined incomes exceeding $450,000 per year would face higher taxes.

Contrary to Biden, his Republican opponent in the upcoming election, former President Donald Trump, wants to extend the tax cuts he introduced in 2017. The White House argues that extending that plan would maintain a status quo where the super-rich have much lighter tax obligations than ordinary people. If not extended, Trump's tax cuts will expire in 2025.

Many American billionaires, including financial moguls Bill Ackman and Stephen Schwarzman, have recently indicated their support for Trump.

"Biden’s plan to increase taxes on the wealthiest Americans will make our tax system more equitable, boost economic growth, efficiency, and opportunities; improve investment to grow the economy and strengthen the middle class, and reduce budget deficits and fiscal risks," Daniel Hornung, Deputy Director of the U.S. National Economic Council, told the Financial Times.

Despite Biden's economic achievements being impacted by high inflation during this term, some wealthier Americans believe Biden is doing better than Trump. The FT-Michigan Ross monthly survey consistently shows that households with annual incomes over $100,000 are more likely to trust Biden’s economic management capabilities over Trump’s.

Survey results show that 45% of those in the highest income group believe Biden will better lead the economy, while 40% hold the same opinion for Trump. While Biden's campaign focuses on gaining support from the middle class, his approval rate among high-income groups is the highest among all income groups.

The YouGov survey also shows that 62% of participants support global efforts to prevent billionaires from shifting assets between countries to avoid higher taxes. 59% support a 2% tax on billionaires, a proposal expected to be discussed at the upcoming G20 meetings in Brazil. Meanwhile, U.S. Treasury Secretary Janet Yellen has stated she does not support the current proposed global taxation plan.
 

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