Majority of Americans favor wealth tax on very rich: Reuters/Ipsos poll

[Fishrrman]

https://www.reuters.com/article/us-usa-election-inequality-poll-idUSKBN1Z9141

Majority of Americans favor wealth tax on very rich: Reuters/Ipsos poll
Howard Schneider, Chris Kahn

WASHINGTON/NEW YORK (Reuters) - The idea of imposing a wealth tax on the richest Americans has elicited sharply divergent views across a spectrum of politicians, with President Donald Trump branding it socialist and progressive Democratic presidential contenders Senators Elizabeth Warren and Bernie Sanders prominently endorsing it.

But it may have broad public support, according to a Reuters/Ipsos poll that found nearly two-thirds of respondents agree that the very rich should pay more.

Among the 4,441 respondents to the poll, 64% strongly or somewhat agreed that “the very rich should contribute an extra share of their total wealth each year to support public programs” - the essence of a wealth tax. Results were similar across gender, race and household income. While support among Democrats was stronger, at 77%, a majority of Republicans, 53%, also agreed with the idea.

A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources.

More at URL above...

Poster's note:
It's Reuters, so take it with a grain of salt.
Still... this is disturbing.

[dfwgator]

Don't tax you/Don't tax me/Tax that guy behind the tree

[PeteS in CA]

IMO, "progressive" income tax rate-schemes are legalized theft. One single rate for should be the law (my salary is less than six figures, so my financial ox isn't being gored by the current rate scheme).

[skeeter]

Always ask them to quantify 'the very rich' and the number supporting will drop dramatically.

[truth_seeker]

Who and how, will  values be determined?

Will it include appreciated real estate "wealth?"

How does a real estate appraisor, include the impact of feces and tents,  on the adjacent sidewalk, as in San  Fran Feces?

[Applewood]

If this report is true, them the vast majority of Americans are as dumb as rocks. 

[berdie]

Always ask them to quantify 'the very rich' and the number supporting will drop dramatically.

Yep...because they don't think it means them.

[berdie]

If this report is true, them the vast majority of Americans are as dumb as rocks.

And that is what scares me @Applewood .

[austingirl]

Who and how, will  values be determined?

Will it include appreciated real estate "wealth?"

How does a real estate appraisor, include the impact of feces and tents,  on the adjacent sidewalk, as in San  Fran Feces?

Who? Government paper-pushers who couldn't get a job in the private sector.

[catfish1957]

https://www.reuters.com/article/us-usa-election-inequality-poll-idUSKBN1Z9141

Majority of Americans favor wealth tax on very rich: Reuters/Ipsos poll
Howard Schneider, Chris Kahn

As with any socialist driven tax or wealth confiscation plan......

100% of the time these thresholds drop as time passes.  $1,000,000 taxable, or $10M portfolio may be $100K taxable and $1M worth in the future.

[EdinVA]

I must not be in the Majority.... nobody asked me..... 

[LMAO]

 Most of the respondents probably don’t even know what a wealth tax is

 But if this poll is accurate, it doesn’t surprise me. People only oppose higher taxes on themselves. They’re just fine  having higher taxes imposed on others especially when politicians are telling them that they will get free stuff paid for by the same rich

[andy58-in-nh]

"Someone else's money" always tops every poll.

[Applewood]

"Someone else's money" always tops every poll.

And as Margaret Thatcher said, sooner or later, you run out of other people's money.  If we have a wealth tax, the money generated will run out.  Then what will the freeloaders do when the government comes after what they have?

[DB]

America is destroying itself from within.

[Cyber Liberty]

I can't decide.  Is it polls that are stupid, or are the respondents?  The general population has no idea how fast capital would flee this country the instant such a tax passes Congress.

[Applewood]

I can't decide.  Is it polls that are stupid, or are the respondents?  The general population has no idea how fast capital would flee this country the instant such a tax passes Congress.

It's both.  Polls are all flawed.  For some, it's the way the questions are phrased.  And then there are the demographics sampled.  In this case, who answered this poll?  Young people who have been brainwashed by public schools into believing socialism and its schemes, such as wealth taxes, are a good thing?  The ones who aren't taught history, who don't follow current events, who don't know that every time a wealth tax has been implemented, it has failed miserably?

[bilo]

As with any socialist driven tax or wealth confiscation plan......

100% of the time these thresholds drop as time passes.  $1,000,000 taxable, or $10M portfolio may be $100K taxable and $1M worth in the future.

Absolutely correct!

Also, inflation will impact who is affected. The Alternative Minimum Tax is a great example. The AMT was started to tax a couple hundred people who weren't paying their "fair share" and now most small business people are affected by it.

In addition, the tax on net worth means a percentage of your non-liquid assets either have to be refinanced every couple years, or sold.

[Cyber Liberty]

Absolutely correct!

Also, inflation will impact who is affected. The Alternative Minimum Tax is a great example. The AMT was started to tax a couple hundred people who weren't paying their "fair share" and now most small business people are affected by it. 

In addition, the tax on net worth means a percentage of your non-liquid assets either have to be refinanced every couple years, or sold.

Yep. Such a tax would require a major roiling up of the markets.  Investors hate that.  The only solution for them is to ship their assets to places like the Cayman Islands.

[bilo]

And as Margaret Thatcher said, sooner or later, you run out of other people's money.  If we have a wealth tax, the money generated will run out.  Then what will the freeloaders do when the government comes after what they have?

At some point those that have created a high net worth will look at paying the tax on surrendering their citizenship and becoming a citizen of a less tax onerous nation. I believe today you pay a one time 10% tax over and above any capital gains if you want to move your wealth out of the USA and surrender your citizenship. If the wealth tax is 2% per year your break even is 5 years.

A lot of the envy driven folks will say so what, but they don't realize once people begin moving out of the country you can bet they will be looking to relocate their business interests and also any future investment will not include the USA.

[bilo]

Yep. Such a tax would require a major roiling up of the markets.  Investors hate that.  The only solution for them is to ship their assets to places like the Cayman Islands.

My experience with obamacare caused me to start investing in Panama. I wanted health care alternatives for myself and my family and thought it might be worth the initial investment to begin looking at getting involved in medical tourism.

I can only imagine what bigger investors would do.