The prospect of 70% tax rates for multimillionaires and special levies on the super-rich draw howls about creeping socialism and warnings of economic disaster in much of Washington.
But polling suggests that when it comes to soaking the rich, the American public is increasingly on board.
Surveys are showing overwhelming support for raising taxes on top earners, including a new POLITICO/Morning Consult poll released Monday that found 76% of registered voters believe the wealthiest Americans should pay more in taxes. A recent Fox News survey showed that 70% of Americans favor raising taxes on those earning over $10 million — including 54% of Republicans.
The numbers suggest the political ground upon which the 2020 presidential campaign will be fought is shifting in dramatic ways, reflecting the rise in inequality in the United States and growing concerns in the electorate about the fairness of the American system.
"There is a deep wellspring in terms of perception of unfairness in the economy that's been tapped into here that either didn't exist five years ago or existed and had not had a chance to be expressed," said Michael Cembalest, chairman of market and investment strategy at JPMorgan Asset Management who has studied the latest tax proposals. "This is quite a moment in American economic history where all of a sudden in a matter of months this thing has kind of exploded like this"...