For Immediate Release
Monday, June 24, 2024
New Polling Shows Enthusiastic Support by Millionaires for Higher Taxes on the Rich & International Cooperation for a Global Minimum Tax on Billionaires
“These results validate what the Patriotic Millionaires have been saying for some time: even millionaires support higher taxes on the rich.”
WASHINGTON, DC – Today, Patriotic Millionaires released a new poll conducted in partnership with YouGov showing support for a variety of progressive tax policies among American millionaires.
The survey polled 800 respondents from May 24th to June 6th who reported having $1 million in assets, not including their home.
Top-line findings included:
- 62% of millionaires surveyed agree that rapidly expanding inequality is a threat to democracy.
- 62% of millionaires surveyed are supportive of international action to set standards for how we tax the super-rich.
- 59% of millionaires surveyed support a 2% tax on billionaire wealth.
- 63% of millionaires surveyed support a 2% tax on American households with more than $100 million in wealth.
- 91% of millionaires surveyed said the concentration of extreme wealth allows some to buy political influence.
These results come amid reporting that:
- Pressure is growing on the G20 to set international standards for taxing the super-rich;
- President Biden and President Macron issued a joint statement this past weekend saying, “[We]… welcome the initiative taken by the G20 Brazilian presidency to prioritize discussions of international cooperation on taxation, and intend to work to increase efforts aimed at progressive and fair taxation of individuals.”;
- Congressional Democrats are urging President Biden and Treasury Secretary Yellen to support Brazil’s G20 initiative to institute a global minimum tax on billionaires.
- Secretary Yellen is sending confusing signals about where the U.S. stands on the issue;
- Republicans and Donald Trump are preparing to extend and expand expiring tax cuts for corporations and the ultra-wealthy.
The full results, including crosstabs, can be viewed here.
Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:
“These results validate what the Patriotic Millionaires have been saying for some time: even millionaires support higher taxes on the rich.
The media loves to spotlight snowflake billionaires who would rather burn down our institutions by supporting anti-democratic presidential candidates than do their patriotic duty: that is to say, paying taxes. But the reality is that millionaires have a vested interest in ensuring a stable, more equitable, economy.
Critically, these results should be a clarion call to The White House and United States Treasury Secretary Janet Yellen. Even millionaires are decisively supportive of instituting a global minimum tax on billionaires. Her delay only stifles the momentum behind this movement and empowers extremist politics which grow stronger amid the G20’s inertia.
Global inequality can and will erode our democracies. We have to do something about that before it’s too late.”
For additional information or interview requests, please contact Emily McCloskey at emily@patrioticmillionaires.org.
# # # # #