Almost half of millionaires support a higher capital gains tax to help fund education reform as proposed in President Joe Biden’s American Families Plan, the survey shows.
If the Biden administration gets its way, wealthy households are going to face higher tax rates, yet many millionaires appear to be okay with that.
More than half—60%—of individuals worth $1 million or more support a wealth tax on people worth $10 million or more, according to CNBC’s latest survey of millionaires. Almost half (48%) support increasing the capital gains tax.
The survey, conducted online in April and May by Spectrum Group on behalf of CNBC, had 750 respondents with investable assets of at least $1 million.