What High Earners Are Saying: I Want to Be Taxed More!

What High Earners Are Saying: I Want to Be Taxed More!

We all like to grumble about the percentage of our paychecks that heads to taxes.

But one group is now grumbling for a reason that's probably different from your own: They want to pay more.

In its first-ever "Millionaire Survey," CNBC found that almost two-thirds of respondents with $1 million or more in assets are in favor of higher taxes on the wealthy—i.e., themselves.

Learnvest

Get started with a free financial assessment.

That may come as a surprise to those following the heated debate about income disparity, where the 1% is rarely seen as open to fixing the issue—or even aware of it.

Yet, according to the survey, over half (51%) of those wealthy Americans surveyed agree that inequality is a major problem for the country. And a large majority, roughly two-thirds, also support a higher minimum wage (despite the fact that the respondents came from a mixed bag of Democrats, Republicans and Independents.)

On top of those higher taxes, millionaires also cited improved education and increased saving incentives as possible solutions to income inequality.

But their responses also indicated that they believe good old-fashioned hard work is also a factor in boosting income. After all, when it came to the number one factor that led to their own wealth, most respondents ranked "hard work" first.

Learnvest

Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!