AMERICANS WANT RICH TO PAY MORE TAXES

Americans want rich to pay more taxes. Eighty percent of Americans said the feeling that some corporations and wealthy people don’t pay enough or their fair share of taxes, is a significant bother to them, with 59% of recently surveyed U.S. adults saying it bothers them “a lot”. Only a tiny, single digit percentage of Americans said they are not at all bothered that top tier corporations and some wealthy individuals pay too little in taxes each year, a newly published Pew Research Center Survey finds. Ever since Ronald Reagan came up with trickle down economics, the American people have been told that lower taxes on the rich was the best way towards economic prosperity. But after giving that several decades to see if in fact it worked, and watching more Americans without health insurance, and more Americans who are homeless, many have become disenfranchised with that idea. Americans want rich to pay more taxes.

Twelve percent of Americans overall said this level of inequality doesn’t bother them, “much”, but Democrat leaning voters are twice as likely as GOP voters (76 percent versus 38 percent) to say they are bothered “a lot” by a tax system that many believe disproportionately burdens people in lower income levels. President Joe Biden’s proposed infrastructure package draws from increased taxes on individuals making more than $400,000 each year. Additionally, his plan seek revenue by closing tax loopholes for large corporations that pay zero dollars in taxes as well as raising the corporate tax rate to at least 25 percent, up from 21. This will help erase some of the back taxes owed by local governments.

Only 28 percent of Democrats surveyed said they are significantly bothered by the taxes they personally pay, compared to 41 percent of Republicans. Similarly, 78 percent of Democrats said wealthy people don’t pay their fair share of taxes, versus 36 percent of Republicans who agree. Exactly half of Democrats said they think they pay exactly the right amount of taxes.