Americans also have a preference as to what a tax increase should look like, according to the Politico/Morning Consult survey.
Politico found that 61% of Americans are in favor of a “wealth tax”proposed by Democrat presidential candidate Sen. Elizabeth Warren from Massachusetts, which would increase taxes on those with a net worth of $50 million or more. Less favorable, but with a sizable support of 45%, is a plan by New York Rep. Alexandria Ocasio-Cortez, which includes a 70% marginal tax rate on income more than $10 million. She is also a contender for the Democratic nomination to run for president.
Support for such proposals comes as more and more Americans consider their taxes are about right—48% according to a poll last year—and while many believe that President Donald Trump’s $2 trillion tax cut fell flat, distributing the biggest benefits to corporations. Just 33% of those polled feel that the cut has helped the economy, a number which is even lower among the lowest-earning Americans. Meanwhile, 55% say they have not seen more money in their paycheck as a result of the tax reform law.
Politico notes that a recent poll from Fox News shows 70% of Americans supporting increased taxes for those earning more than $10 million—a proposition that gained support among 54% of Republicans as well.
While Republicans are generally less in favor of tax increases on the wealthy, some of the wealthiest Americans are warming up to the idea. Just last week JPMorgan Chase CEO Jamie Dimon said, “I believe that individuals earning the most can afford to pay more. And I have no problem paying higher taxes to address some of the fundamental challenges and inequities in our society.”