A new survey from the University of Maryland's Program for Public Consultation (PPC) reveals that majorities of both Democrats and Republicans in key electoral battlegrounds support raising federal taxes on the wealthiest Americans. The findings, released October 1, 2026, are based on responses from nearly 20,000 adults across 11 competitive states and 28 competitive House districts, and they signal a rare bipartisan consensus on tax policy that could shape the legislative agenda.
The survey, fielded between July 21 and August 17, 2026, found that a proposed annual wealth tax—2% on wealth over $50 million and 3% on wealth over $1 billion—garnered support from 88% of Democrats and 72% of Republicans nationally. In individual battlegrounds, support ranged from 81% to 95% among Democrats and 58% to 84% among Republicans. The measure would generate an estimated $200 billion in new federal revenue annually.
Capital gains reform also drew broad bipartisan backing. Taxing capital gains at the same rate as ordinary income for households earning $1 million or more per year was supported by 83% of Democrats and 70% of Republicans nationally, with majorities in every battleground surveyed. This change alone would raise approximately $120 billion. Additionally, ending the carried interest loophole—which allows hedge fund and private equity managers to pay lower taxes on performance fees—was favored by 75% to 93% of Democrats and 57% to 81% of Republicans across all 39 battlegrounds, adding an estimated $1 billion to federal coffers.
For financial advisors, the survey's findings on estate and income taxes may be particularly relevant. Lowering the federal estate tax exemption from $15 million to $5 million was supported by 71% of Democrats and 59% of Republicans nationally, with majorities of Republicans in 27 of 39 battlegrounds. This change would apply the estate tax to a broader pool of inherited wealth and raise approximately $17 billion. Meanwhile, raising the effective income tax rate on households earning $1 million or more—from the current average of 27% to at least 29%—drew majority support overall and among Democrats in every battleground, and among Republicans in 21 of the 39 battlegrounds. That measure would increase federal revenue by an estimated $73 billion.
Steven Kull, director of the PPC, noted the consistency of the findings. "Republicans and Democrats agree that federal taxes should be raised on the super wealthy and those with very high income—enough to generate at least $455 billion in new revenue. This is true nationally and in most battleground states and districts," he said. The combined revenue from the wealth tax, capital gains reform, carried interest changes, estate tax tightening, and income tax hikes would total more than $455 billion, a figure that could significantly impact federal deficit reduction efforts.
The survey's timing is notable, coming just weeks before the 2026 midterm elections. Historically, bipartisan polling support for tax increases on the wealthy has accelerated legislative timelines, as lawmakers in both parties see political advantage in addressing income inequality. For advisors, this suggests that clients with substantial wealth or high incomes should begin reviewing their tax strategies now, rather than waiting for legislation to advance.
Clients who may be affected include private equity principals, hedge fund professionals, and high-net-worth individuals with estates above $5 million. Advisors should consider proactive planning, such as accelerating capital gains realization before potential rate changes, restructuring compensation to mitigate carried interest reforms, and reviewing estate plans to account for a lower exemption. The survey's findings also align with broader trends in wealth inequality data, which show a widening gap between the rich and the rest of the population.
While the survey reflects public opinion, it does not guarantee legislative action. However, the level of bipartisan agreement is unusual in today's polarized climate, and advisors would be wise to treat these proposals as credible scenarios. As the debate over tax fairness intensifies, clients with significant assets should work with their advisors to model the potential impact of these changes and develop contingency plans. The fear of outliving savings among older Americans, as highlighted in a recent Prudential survey, underscores the importance of tax-efficient retirement planning, which could be affected by these proposals.
For advisors, the key takeaway is to stay informed and proactive. The survey's findings suggest that tax increases on the wealthy are not just a progressive talking point but a broadly supported policy direction. By preparing clients for potential changes, advisors can help them navigate the evolving tax landscape and protect their financial well-being.
