A new poll released by Fox News found much stronger support for Sen. Elizabeth Warren’s wealth tax compared to President Trump’s proposed Mexican border wall.
The Week first reported the greater backing that the wealth tax enjoyed compared to the border wall, Trump’s signature plan that helped propel him to the White House in 2016.
Among 1,000 randomly selected voters surveyed between Dec. 8-11, the Warren wealth tax enjoyed a 68% level of support, the highest for any of the Democratic proposals. Only 26% said they were against the tax.
By comparison, Trump’s border wall drew 44% support while 52% opposed the idea. The poll had a margin of error of plus or minus three percentage points.
It’s the latest poll suggesting the Warren wealth tax enjoys wide support across educational and gender lines from Democrats and Republicans, who usually resist the idea of big tax increases to fund sweeping expansions of government programs.
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The Warren plan aims to tax everything the nation’s wealthiest individuals own. It would kick in at $50 million, with households paying a 2% annual tax on assets like stocks, paintings, yachts, and homes, ramping up to 6% for households with fortunes over $1 billion.
Sanders also unveiled a wealth tax of his own which would hit more of the wealthiest taxpayers compared to Warren, though they would have similar effects cutting down the fortunes of billionaires in the long run.
Critics have argued the wealth tax would stifle growth, but proponents contend it’s necessary to reduce gaping inequality within American society.
Other candidates in the Democratic primary have rolled out tax plans hitting the richest Americans without necessarily taxing the entirety of their wealth. Former Vice President Joe Biden wants to close loopholes and slap new taxes on wealthy taxpayers and corporations like Amazon and Netflix.