Millionaires from around the world are showing support for taxing extreme wealth in order to address global inequality, according to a recent poll released during the World Economic Forum in Davos, Switzerland. The survey, conducted by UK firm Survation on behalf of the Patriotic Millionaires organization, revealed that a majority of respondents believe that extreme wealth poses a threat to democracy, hinders social mobility, exacerbates climate change, and prevents others from improving their economic situations. Over two-thirds of millionaires polled stated they would support higher taxes if the funds were allocated towards public services and infrastructure improvements, as they believe this would strengthen economies. Furthermore, three-quarters of respondents favored a 2 percent wealth tax on billionaires, with 58 percent also supporting a similar tax for individuals with assets exceeding $10 million.
Significantly, the poll findings align with the Proud to Pay More report released by Patriotic Millionaires, which features profiles of wealthy individuals advocating for heavier taxation of their class. According to Giorgiana Notarbartolo, an Italian entrepreneur from a wealthy industrial family who contributed to the report, the prevailing economic idea of encouraging personal wealth accumulation has resulted in considerable damage to society. The report highlights the need for a shift to more equitable tax policies.
The survey encompassed 2,300 individuals from G-20 nations, all of whom possess more than $1 million in investable assets. While this places them within the top 5 percent of global wealth, Patriotic Millionaires notes that the average top 10 percent household in the United States possesses assets of $5.2 million.
However, implementing wealth taxes has historically faced significant challenges in the United States. The Patriotic Millionaires’ organization currently consists of only a few hundred members, pitted against a powerful alliance of billionaires, trade groups, and wealth protection firms that lobby against such initiatives. Moreover, the nation’s wealthiest 0.1 percent, comprising approximately 184,300 households with an average real wealth of $141.5 million, possess considerable political clout and are unlikely to favor wealth taxation without significant resistance.
Despite the Democrats’ previous attempts to pass a wealth tax for billionaires, they were unable to do so even when in control of the White House and Congress. The opportunity to pass such legislation closed in 2022 when the Republicans regained control of the House. Should former President Donald Trump return to power, the chances of enacting a wealth tax may diminish.
The findings of this poll and the broader discourse on wealth taxation serve as a stark reminder that addressing extreme inequality requires significant collective effort. While millionaires and billionaires advocating for wealth taxes are voicing their concerns, the battle to establish more progressive tax policies will continue to face resistance from those who oppose such measures.
In conclusion, the poll conducted by Survation on behalf of Patriotic Millionaires reveals that a substantial number of millionaires are in favor of wealth taxes as a means to combat extreme inequality, promote social mobility, and address climate change. However, the implementation of such policies remains a contentious issue, with wealthy individuals and interest groups opposing these measures. The outcome of this ongoing debate will deeply impact the pursuit of a fairer and more equitable global economy.
