Well, this isn’t surprising at all: If you are a millionaire, chances are you support a wealth tax – as long as you are not the one getting taxed.
That is the finding from the newest Q4 CNBC Millionaire Survey.
According to the quarterly report, 59 percent of millionaires revealed they would support a new federal penalty on wealth over $50 million. But 48 percent disapproved of a wealth levy on fortunes over $10 million.
The wealthier Americans are the more they oppose a wealth penalty; and half of Americans with wealth north of $5 million are against the tax.
Also, 90 percent of Democratic millionaires endorse a tax over $50 million and just one-third of Republican millionaires share that sentiment.
“Most people who are worth $10 million or less don’t feel wealthy, even though they are relative to the population,” said George Walper, president of Spectrem Group. “And so they feel they should not be penalized. But they do think that people worth $50 million or more are wealthy and should pay more.”
So, when are the Democrats writing a check to the Treasury Department?
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