By 29-point Margin, Voters Say Raising Taxes On Wealthy Helps Economy
A new national poll by ALG Research and Hart Research released today finds strong support for raising taxes on the wealthy and corporations, that it is a top-tier priority issue for voters, and that highlighting it boosts support for President Biden’s economic plans. The poll was commissioned by Americans for Tax Fairness.
“This new poll shows that by focusing on ensuring that the wealthy and corporations pay their fair share of taxes, Democrats can both strengthen their ability to pass their economic agenda and demonstrate that they are the party looking out for average Americans, while Republicans continue to look out for the wealthy and big corporations,” said John Anzalone of ALG Research, which polled for the Biden 2020 presidential campaign and is still polling for the president.
“By clear margins, the American people want a tax system that rewards work not wealth, and makes corporations and the wealthy pay their fair share in taxes,” said Guy Molyneux of Hart Research. “Every proposal we tested related to raising taxes on the wealthy and corporations was supported by at least 55% of voters, with most generating support with over two-thirds of voters. This is a winning policy issue and a winning political issue.”
“This poll once again confirms that Americans want the rich and corporations to pay their fair share of taxes and the federal government to invest in services that improve the lives of working families,” said Frank Clemente, Executive Director of Americans for Tax Fairness. “Now more than ever, members of Congress need to embrace this message and enact President Biden’s jobs and tax plans to create an economy that works for all of us.”
Key findings of the poll include:
- “Ensuring that the wealthy and corporations pay their fair share in taxes” is a top priority for voters — 43% find it extremely important. It ranks second among 20 potential issue priorities for President Biden and Congress tested in the poll, making it as important as “creating jobs” (42%) and even more important than “rebuilding America’s infrastructure” (33%).
- There is broad support for President Biden’s proposals to raise taxes on the wealthy and corporations. Over two-thirds of voters (69%) support raising taxes on the wealthy and corporations, and support among Independents is just as high (68%). Support for raising taxes on those earning more than $400,000 a year is similarly high (67%), while 62% support raising the corporate tax rate from 21% to 28%. Indeed, every proposal to raise taxes on the wealthy and corporations tested in the survey is supported by at least 55% of voters, with most generating over two-thirds support.
- Voters believe that raising taxes on the wealthy will help the economy by a 29-point margin. Only 22% of voters think raising taxes on those earning over $400,000 a year will hurt the economy, while 51% believe it will help it. Independents also believe it will help the economy by a 26-point margin (45% help economy / 19% hurt economy).
- Voters overwhelmingly prefer raising taxes on the wealthy and corporations to borrowing and increasing the debt or to increasing user fees. By a 7-to-1 ratio, voters prefer funding Biden’s economic plan by raising taxes on the wealthy and corporations (58%) over borrowing and increasing the debt (8%). They also oppose expanding user fees for drivers as a way to raise revenue by an 11-point margin (41% support / 52% oppose).
- Support for Biden’s tax proposals stems from voters’ belief that the wealthy and corporations get special treatment more than concern about income inequality. Voters respond most strongly when we emphasize closing loopholes for the wealthy and corporations or cracking down on their tax cheating. “Ensuring the wealthy and corporations pay their fair share in taxes” (43% extremely important) is seen as much more important than “reducing income inequality” (26%) or “reducing the wealth gap between rich and poor” (28%).
- Informing voters that Biden’s economic plan will be funded by higher taxes on the wealthy and corporations makes the plan more popular. Sixty-seven percent (67%) of voters say they are more favorable towards Biden’s plan because it would raise taxes on those making over $400,000 and on corporations. Additionally, support for his economic plan is 4-points higher when a description of it includes language about the plan being funded by higher taxes on the wealthy and corporations (62% support) than when it does not (58%).
The poll and other polling materials can be found here.