Wednesday, April 19, 2017

Public Thinks Rich/Corporations Pay Too Little In Taxes

The chart above is from a new Gallup Poll -- done between April 5th and 9th of a random national sample of 1,019 adults, with a margin of error of 4 points. It shows that while about half of the public thinks lower income and middle income people pay too much in taxes, that feeling does not extend to upper income people and corporations.

Significant majorities believe that those with an upper income (63%) and corporations (67%) don't pay enough income taxes (i.e., don't pay their fair share). This flies in the face of the intention of Trump and congressional Republicans to give the rich and the corporations massive new tax cuts.

The Republicans want people to believe that taxes for the rich and corporations (those who must pay the top tax rate because of their huge incomes) are taxed too much -- and that this is hurting the economy. That is simply not true. As the chart below (from the Tax Policy Center) shows, the rich and corporations currently enjoy one of the lowest top tax rates since 1935 -- and periods of U.S. history had healthy economic growth during periods with a much higher top tax rate.

NOTE -- The rich do not pay that top tax rate on all of their income, but only on the amount above about $415,000 (after deductions).

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