Read the original Impact Research memo.
To: Interested Parties
From: Impact Research
Re: New Poll Finds Overwhelming Support for Raising Taxes on Billionaires
A new nationwide poll finds overwhelming support for raising taxes on billionaires, with support extending across partisan lines. The poll also finds that there is a significant electoral advantage for candidates who advocate for raising taxes on billionaires – and penalties for those who don’t – and that voters believe billionaires have a negative impact on a wide range of issues, including the cost of living, housing, health care, and corruption. Below are some key findings from the poll:
77% of voters support raising taxes on billionaires. This support is robust across partisan lines, including 91% of Democrats, 75% of Independents, and even 65% of Republicans. It also extends across demographics, including white (74%), Latino (82%), and Black voters (83%), as well as voters under 50 (82%) and those 50 and over (72%).
Voters reward candidates who support raising taxes on billionaires and punish those who don’t. Candidates who embrace raising taxes on billionaires stand to benefit electorally: 62% of voters nationwide say they are more likely to vote for a candidate who supports raising taxes on billionaires, while just 12% say they are more likely to vote for a candidate who is opposed – a 50-point difference. This gap widens to a 79-point margin among Democratic primary voters (83% more likely to vote for candidate who supports increase vs. just 4% for a candidate who is opposed).
We also see how opposition to higher taxes on billionaires can hurt candidates. By a 28-point margin, voters also say they would view Gavin Newsom less favorably if he opposed raising taxes on billionaires (12% more favorable / 40% less favorable). This negative impact is just as big among Independents (9% more favorable / 39% less favorable) and rises to a 43-point margin among Democratic primary voters (13% more favorable / 56% less favorable).
Voters believe billionaires have a negative impact on a wide range of major issues, including the cost of living. Billionaires are seen as contributing to the affordability crisis, with majorities of voters believing they have a negative impact on the cost of living (56%), the cost of healthcare and prescription drugs (53%), and the cost of housing (59%). And nearly two thirds see billionaires making corruption worse (65%).
