Millennials Are More Likely Than Other Generations to Support a Cap on Personal Wealth
Older generations do not support a cap on someone’s net worth
Despite mounting anxieties over the country's wealth gap, the idea of placing an absolute cap on how much money Americans should be allowed to earn has never, for obvious reasons, gained a ton of currency here.
However, according to an exclusive new Harris Poll conducted for Fast Company on the topic of personal wealth, one-third of millennials at least aren’t against the idea. Thirty-three percent say that a cap should exist in the United States on personal wealth, a surprisingly high number that also made this generation a bit of an outlier: No other age group indicated this much support.
Now, previous surveys have indicated broad support for taxing wealthy people more. President Joe Biden's billionaire minimum income tax, a new version of which is expected to appear later this week in his budget request to Congress, also has enjoyed strong support. His revisions would tighten loopholes and generally make it harder for households whose net worths exceed $100 million to wiggle out of taxes. But this would simply require America's richest 0.01 percent to pay a minimum 25 percent tax rate.
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