November 22, 2022

700 of America’s Super-Rich to be Affected by Democrats’ Tax Plan

Democrats are proposing a new tax plan that would affect 700 of America’s richest people. This is in order to pay for Joe Biden’s 2020 agenda, which includes measures like higher taxes on wealthy Americans and women-focused programs. The Democrats have already announced their plans to unveil the proposal next week, but they aren’t revealing how much it would cost or who will be affected by the changes. However, it is said that this would affect less than a tenth of 1 percent of the population. This new proposal is likely to face resistance from several Republican lawmakers and a potentially hefty change in 2020. According to a recent poll from The Hill-HarrisX, nearly two-thirds of voters oppose raising taxes on Americans who make more than $250,000 a year. In addition, major Democratic 2020 candidates have largely avoided talk of tax increases on the middle class. Instead they have focused on their proposals for raising taxes on wealthy Americans and large corporations.

In addition, the 2020 presidential field is quickly becoming a tax-cut debate between liberals and moderates. However, Democrats have been divided on whether to repeal Trump’s 2017 tax cuts or replace them with a slew of new programs that would strengthen spending on infrastructure, healthcare and education. According to the Hill – HarrisX poll released Friday, 60 percent of registered voters say they reject the idea of repealing the tax legislation, while 37 percent support it. The divide is especially notable among Republicans and Democrats, with 86 percent of GOP voters opposing repeal and 82 percent of Democratic voters supporting it.

Commentary Rep. Alexandria Ocasio-Cortez (D-NY) has proposed a 70% tax on the wealthy, but her definition of ‘wealthy’ is not set. We also do not know what programs will be funded by this new tax and how much they will cost. Rep. Ocasio-Cortez did announce she would give more details next week after originally proposing this New Green Deal earlier in February. One thing is certain, if these ideas are implemented, it will affect the wealthiest Americans and the majority of voters oppose ‘repealing’ Trump’s 2017 tax cuts. Although this report was conducted by The Hill-HarrisX, The Hill is an influential political news website founded in 1994. In addition , this survey was conducted online within the United States from February 10-11, 2019 among 1,000 registered voters by The Hill – HarrisX.

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