FACT BRIEF

Did polls during primary season find strong support for a wealth tax in the US?

Saturday, November 14, 2020

By Christopher Hutton

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YES

The concept of a wealth tax, which was advocated by some candidates in the 2020 Democratic primary, won majority popular support in several polls during that phase of the campaign.

In a January 2020 Reuters poll, 64% of Americans agreed the very rich should contribute extra to support public programs. In a December 2019 poll for Fox News, 68% of respondents expressed support for a new 2% tax on anyone with assets of more than $50 million. Several other pollsters reported similar results.

Stanford Business School researchers in March reported wide support for the idea cutting across political affiliations. Support faded, however, if survey respondents were told a tax would hurt economic growth or employment. "If it would cause the economy to suffer, they quickly change their position,” said David Larcker, an accounting professor.

This fact brief is responsive to conversations such as this one.

Sources

Reuters: Majority of Americans favor wealth tax on very rich

Fox News: Poll results, December 8-11, 2019 (see question 7)

The Hill: New poll finds overwhelming support for an annual wealth tax

Stanford: Americans' views on taxes are surprisingly complicated

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