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Survey: We should tax the rich ... say the rich. Seriously

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The rich are in favor of taxing themselves.
The rich are in favor of taxing themselves. - ()

Tax the rich. It's the oldest idea in the book, but you'll be surprised who said they favor it in a new poll … it's the rich.

The first CNBC Millionaire Survey, which talked to 514 people with investable assets of at least $1 million, said the wealthy believe income inequity is a problem, would support higher taxes and a minimum wage.

We’re not making this up.

The survey, conducted by Spectrum Group, did have some predictable results. For instance, party affiliation was evident in the answers.

While 51 percent of all respondents felt income inequality was a problem, 86 percent of Democrats felt that way.

And while roughly two-thirds of Republicans felt anyone who worked hard could become wealthy, less than one-fourth of Democrats felt that way.

When it comes to guilt – as in ‘do you feel embarrassed by your wealth’ – an overwhelming 81 percent said they did not because they felt they earned it by working hard.

This being said, the most interesting responses came when they were asked what would help solve the problem of income inequality.

Here are the percentages:

  • More educational opportunities for the less wealthy: 83 percent said yes;
  • Enhanced savings opportunities for the less wealthy: 64 percent;
  • Higher taxes on wealthy: 64 percent;
  • Increasing the minimum wage: 63 percent;
  • More government programs for the less wealthy: 34 percent;
  • Reduction of unemployment benefits to encourage more work; 13 percent.

The online survey was conducted in March; the overall margin of error was 4.3 percentage points.

Click here for a complete look at the survey.


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