Taxing Wealthy Gaining Big Support

The idea of taxing the wealthy, promoted by New York Democrat Representative Alexandria Ocasio-Cortez and Massachusetts Democrat Senator Elizabeth Warren, is supported by a significant majority of voters.

Politico reports:

Surveys are showing overwhelming support for raising taxes on top earners, including a new POLITICO/Morning Consult poll released Monday that found 76 percent of registered voters believe the wealthiest Americans should pay more in taxes. A recent Fox News survey showed that 70 percent of Americans favor raising taxes on those earning over $10 million — including 54 percent of Republicans.

Ocasio-Cortez is proposing taxing those who make more than $10 million at a 70 percent rate.

Fox News reports:

Ocasio-Cortez, the self-described Democratic socialist, suggested imposing a 70 percent rate on those with incomes in excess of $10 million during an interview on “60 Minutes” last month to pay for a so-called “Green New Deal” — which would be a massive investment in clean energy infrastructure, aiming to eliminate carbon emissions in a little more than a decade.

After the Super Bowl, Ocasio-Cortez responded to a Tweet from Texas Republican Representative Dan Crenshaw to explain how her tax rate proposal would impact NFL owners but not the players.

Meanwhile, Warren has her own idea of taxing the wealthy.

The Massachusetts Senator wants a two percent annual tax on assets that exceed $50 million and a three percent tax for those that have assets with more than $1 billion.

In a head-to-head comparison, Warren’s plan has more support than Ocasio-Cortez.

Morning Consult reports:

Taxing the wealthy has become a progressive rallying cry as Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have proposed legislation to impose levies on the richest people in the country as a way to battle economic inequality.

Between the two proposals, Warren’s wealth tax is the more popular among voters, according to a new Morning Consult/Politico survey.

Sixty-one percent of the 1,993 voters surveyed in the Feb. 1-2 poll favored Warren’s “ultra-millionaire” plan, which is an annual tax of 2 percent on household wealth more than $50 million and a 3 percent levy on wealth in excess of $1 billion.

Public support for taxing the wealthy is a warning sign the far-Left idea is taking root and will likely be a top priority for Democrats running for president in 2020.