A majority of millionaires support a tax on large wealth, according to CNBC's Millionaire survey.
Fully 60% of millionaires support Warren's plan for taxing the wealth of those who have more than $50 million in assets, according to the CNBC Millionaire survey. The wealth tax is different from an income tax, since it taxes a family's total holdings every year rather than their income.
While 88% of Democrats support the wealth tax, 62% of independents support it along with 36% of Republicans. Even the upper tier of millionaires, those worth more than $5 million, support a wealth tax, with two-thirds in favor. A larger number of millionaires also support an income tax rate of 70% on those making more than $10 million – a suggestion floated by Democratic Rep. Alexandria Ocasio-Cortez. And a majority support repealing the 2017 tax cuts on companies.
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