Why do US millionaires support Biden?

A survey conducted in the United States has revealed that the majority of millionaire Americans support the tax system that President Joe Biden plans to implement if he is re-elected.

According to the survey, high-income Americans believe that rising inequality poses a threat to democracy and point to the risk that the concentration of wealth in a single hand creates political influence.

INTERESTING RESULTS IN THE SURVEY

A survey conducted by YouGov among Americans with more than 1 million dollars in assets showed that the majority support the tax system Biden wants to implement to win re-election in November.

Nearly 60 percent of the 800 people surveyed said they would support marginal income tax rates for income over 100 million dollars being higher than the current top rate of 37 percent.

High-income Americans, concerned about rising levels of inequality in the world's largest economy, stated that they see rapidly increasing inequality as a threat to democracy as well.

Furthermore, the vast majority of those who participated in the survey stated that the concentration of extreme wealth in a single hand allows some citizens to gain political influence.

Patriotic Millionaires Chair Morris Pearl said, "Most millionaires in the United States understand that the inequality we are seeing right now is destabilizing our nation. We really need to do something about it before it's too late."

The survey showed that 45 percent of those in the top income bracket believe Biden would manage the economy better. The results also revealed that the rate of those supporting Trump among this segment is 40 percent.

62 percent of the participants stated that they would support global coordination to be established to prevent billionaires from changing countries to avoid higher taxes.

59 percent said they support the 2 percent tax that global leaders will discuss at the G20 meetings to be held in Brazil.

WHAT DO THE CANDIDATES PROMISE?

The US President said in March that billionaires should pay at least 25 percent in taxes. However, although Biden has repeatedly promised to enact a billionaire tax before, such a measure is considered unlikely to pass Congress.

The administration also wants to raise the top marginal rate on income tax to 39.6 percent.

Republican presidential candidate Donald Trump, on the other hand, wants to renew a series of tax cuts he made in 2017. According to the White House, this move would maintain a status quo where the very wealthy have a much lower tax burden than ordinary Americans.

News Source: 12punto