Proposals to increase taxes on high-income earners and the wealthy are coming back into vogue. Presidential candidate Bernie Sanders has argued for a tax rate of up to 54% on the top income bracket, along with increased estate taxes. Candidate Elizabeth Warren would impose a “wealth tax” on assets of rich Americans. New York Rep. Alexandria Ocasio-Cortez, although not a candidate for president, advocates the idea of taxes on the top income earners as high as 70%. …
The idea of taxing the rich resonates with Americans’ underlying attitudes. For over a quarter of a century, Gallup research has shown that a majority of U.S. adults believe upper-income Americans pay too little in taxes. CONT.
Frank Newport, Gallup