Over half of millionaires support raising taxes
Sarah O’Brien 21 – personal finance reporter (“Many wealthy households support higher taxes on the rich and corporate America”, CNBC, 06-09-2021, https://www.cnbc.com/2021/06/09/many-millionaires-support-higher-taxes-on-rich-and-corporate-america.html, Date Accessed 7-6-2023) //TCM
The CNBC survey also showed that 58% of millionaires generally support raising taxes on corporations to fund infrastructure improvements, as floated in Biden’s other ambitious spending package, the American Jobs Plan. Under that proposal, the corporate income tax rate would rise to 28% from the current 21%. That lower rate was enacted under the 2017 Tax Cuts and Jobs Act, a drop from 35%. (Biden has recently indicated a willingness to retreat from that 28%, according to published reports.) Despite many survey respondents agreeing that taxes should rise for the wealthy and for corporations, 73% think their own tax burden is fair — and 21% say they’re paying more than their fair share. Additionally, although most millionaires expect higher taxes under the Biden administration, 62% don’t anticipate making any changes to their finances because of it.