All Americans want to ‘Tax the Rich’ new polling finds

The words ‘Tax the Rich’ have become the proverbial rallying cry of the progressive left in the United States but it turns out that this sentiment has a much broader appeal than you think it might. 

People from both sides of the political spectrum think that taxing the rich is a good idea according to a new poll from Bloomberg and Morning Consult. So what did the poll find? Let’s take a look. 

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Bloomberg revealed that 69% of registered voters in seven swing states favored higher taxes on billionaires and supported higher income taxes on people who make $400,000 or more a year. 

The finding could be a major asset for Joe Biden and his re-election bid. The President is hoping to propose increased taxes on the rich according to his 2025 budget proposal released in March. 

According to CNBC, the White House is aiming to reduce the country’s federal deficit by $3 trillion dollars over the next ten years. The main driver behind the debt reduction is a new tax on the rich. 

Biden is hoping to impose a 25% tax rate on unrealized gains of the country’s wealthiest households and is also planning to adjust the corporate tax code. If successful, it would raise billions in funds. 

Billion-dollar companies would see their taxes raised from 15% to 21% in addition to a border corporate tax rate hike to 28%. This would not only be good for the country but also the government. 

“We can do all of our investments by asking those in the top 1 and 2% to pay more into the system,” Director of the White House Office of Management and Budget Shalanda Young told reporters. 

Biden’s new taxes on the wealthiest in America are likely to see broad support from all sides of the political aisle if the polling data from Bloomberg and Morning Consult is to be believed. 

There was very strong support for taxing billionaires across the political board with 83% of Democrats, 58% of Republicans, and 66% of Independents indicating they approved of the idea. 

"It seems that everybody is for taxing the rich. This is a good populist issue for the Biden campaign," said Eli Yokley, US politics analyst for Morning Consult, who also added the insight could help Biden. 

Yokley explained that the idea that Trump voters backed raising taxes on the rich could give Biden and his current administration “some leeway with Congress when it comes to extending the Trump tax cuts."

Bloomberg pointed out that only 32% of respondents supported letting Trump’s 2017 tax cuts expire at the end of the scheduled period in 2025. Whether or not Biden will work to extend them is not yet known. 

Interestingly, while Biden is the one making policy moves to tax the rich it is Trump that voters trust more to handle tax policy. Trump led Biden 47% to 35% across all seven of the swing states. 

Just over 50% of all respondents indicated that they supported raising the corporate tax rate to 21% while over 70% noted that they would support cutting the individual tax rate across all income groups. 

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Roughly half of the respondents liked Trump’s idea of a 10% universal tax on all imports and a 60% tariff on goods from China. The polling included 4,932 registered voters from Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin.