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Most wealthy Americans are signaling support for President Joe Biden\u2019s plan to raise taxes on the rich, and they are even more eager than his administration to tax the world\u2019s ultra-rich, a new poll said.<\/p>\n
A YouGov poll of Americans with assets of more than $1 million, excluding their homes, found that almost 60% are in favor of hiking marginal taxes on income above $100 million beyond the current rate of 37%, according to the Financial Times<\/em><\/a>.<\/p>\n The poll also showed that 62% of American millionaires support global efforts to prevent billionaires from fleeing countries with higher taxes.<\/p>\n What\u2019s more, 59% are in favor of a proposal to require the world\u2019s billionaires to pay taxes worth at least 2% of their overall wealth every year. That\u2019s an idea that Treasury Secretary Janet Yellen opposes.<\/p>\n \u201cWe believe in progressive taxation. But the notion of some common global arrangement for taxing billionaires with proceeds redistributed in some way\u2014we\u2019re not supportive of a process to try to achieve that. That\u2019s something we can\u2019t sign on to,\u201d she told the Wall Street Journal<\/em><\/a> last month. <\/p>\n The poll comes as taxes become a key flash point in the 2024 election. Biden has said he wants to lift the top marginal rate to 39.6%, which would apply to single households with an income above $400,000, and married couples with a combined income topping $450,000. Meanwhile, Donald Trump has said he wants to extend the tax cuts he enacted while president. Otherwise, they would expire at the end of next year. Biden would also extend those cuts, except for the wealthy.<\/p>\n Billionaire Warren Buffett has long advocated<\/a> that those who can pay more taxes should do so, famously saying his secretary\u00a0paid a higher tax rate<\/a>\u00a0than he did.<\/p>\n Meanwhile, other billionaires are lining up behind both candidates.\u00a0Blackstone<\/a>\u00a0CEO Stephen Schwarzman and Miriam Adelson are supporting Trump, with\u00a0Pershing Square CEO Bill Ackman<\/a>\u00a0reportedly leaning toward endorsing Trump<\/a>\u00a0too. Tim Mellon<\/a>, heir to the Mellon fortune, recently reported a $50 million donation to a pro-Trump super PAC.<\/p>\n Also this past week, billionaire and philanthropist Melinda French Gates endorsed a presidential candidate<\/a> for the first time ever, expressing her support for Biden in a CNN op-ed<\/a>. And Michael Bloomberg announced a $20 million contribution to support Biden.<\/p>\n