The question has been troubled by America’s millionaires whether tax will be increased on them next year. This was revealed by a survey of TV channel CNBC. Meanwhile, reports of poverty and increasing debt burden on middle class people in America are being received continuously. A recent report states that after the Corona epidemic, one-third of adults in the country have found it difficult to manage their daily expenses. A recently released study by the Center for Budget and Policy Priorities revealed this fact.
This think tank said in its report – ‘The epidemic and its economic consequences have a wide impact. But it has particularly affected the Black, Latino, Native and immigrant communities. ”According to this report, 63% of the families whose income is less than 25 thousand dollars annually, for whom food expenses, loan interest, It has become difficult to repay medical expenses, student loans or car loan installments.
Earlier, from November 25 to December 7, the survey conducted to know the condition of the families – during the Household Pulse Survey, two crore 70 lakh adults had said that in the last seven days, such a situation occurred when there is nothing to eat in their house. Was. This means that 13 percent of the country’s adults have fallen victim to starvation. In the survey conducted by the US Ministry of Agriculture about 2019, only 3.4 percent of such people were reported. That is, there has been a huge increase in the number of starvation victims this year.
During the presidential election in November, Joe Biden of the Democratic Party promised that he would implement plans to help the poor in the country. He had said that the funds for this would be raised by raising taxes on rich people. Biden’s election manifesto promises to raise taxes on people with an annual income of more than four million dollars. The latest CNBC survey revealed that nearly two-thirds of millionaires are prone to tax hikes.
CNBC took the opinion of 750 people in this survey. About two-thirds of them believed that tax would increase. 43% of them resented Biden’s promise, saying that America already has too much tax. 50% of the billionaires said that the tax rate that is present is justified. Whereas there are only eight per cent millionaires, who said that they currently pay very little tax.
Currently, most of the billionaires have not thought about what changes they will make in their investment or financial planning in the event of rising tax rates. But 17 percent of the millionaires said during the survey that they sold their shares and 16 percent changed their property plans. More concern for millionaires is due to Biden’s overwhelming support in the Democratic Party for tax proposals.
During the survey, 89 percent of Democratic Party supporters said that raising taxes on people with incomes above four million dollars would be the right policy. 62 percent of the Republican Party also supported the proposal. The increased strength of the Progressive Bloc, a supporter of Socialist leader Bernie Sanders in the Democratic Party, deepened the perception that Biden would have to take steps that would see him move towards economic justice.