Americans Believe That The Wealthy And Corporations Are Undertaxed

Americans Believe That The Wealthy And Corporations Are Undertaxed

We share Americans' perspectives on federal taxes as they file their tax returns.

Raghavan Mayur
Raghavan Mayur

When it comes to their share of taxes,

  • Nearly six in ten (59 percent) believe that wealthy Americans pay too little. Similarly, 59 percent believe corporations are paying too little.
  • Nearly half (46 percent) think that low-income individuals pay too much and that middle-income people pay too much.
  • Conservatives (51%) and Republicans (48%) are most likely to feel they are overpaying.

These are the highlights from a TIPP Poll of 1,280 Americans conducted in late February.

The filing deadline for this year's federal income taxes has been pushed back from April 15 to May 17. As Americans file their tax returns, we share their perspectives on federal taxes with you.

Conservatives And Republicans Think They Are Over Taxed

When we asked Americans how they felt about the federal income taxes they pay, the results were as follows:‌

  • 40% said too high,
  • 33% felt about right,
  • 5% said too low,
  • 10% didn't pay taxes, and
  • 12% were not sure.

‌Tax attitudes vary according to party affiliation, political ideologies, and the environment in which a person lives.

  • Nearly one-half (48%) of Republicans think they pay too much as compared to 37% of Democrats and Independents.
  • Conservatives (51%) are more likely to believe they are overpaying. Only 37% of moderates and 32% of liberals share this sentiment.
  • Rural residents (46%) are more likely to feel that they are paying too much compared to 38% for urban and suburban residents.
  • By income, 31% of the under $30K group felt taxes were high. The other income brackets were almost uniform in their mid-forties.

‌Are Lower-Income People Paying Their Fair Share?

Almost one-half (46%) say lower-income people are paying too much in taxes. A majority of people of the following demographic groups share the feeling.

  • 50% of Democrats
  • 61% of liberals
  • 51% of under $30K income
  • 57% of $30K-$50K income bracket
  • 50% of rural Americans

Are Middle-Income People Paying Their Fair Share?

Nearly half (46%) believe that middle-income people are paying too much in taxes. The feeling is shared by:

  • 50% of Republicans
  • 51% of conservatives
  • 49% of all income brackets above $30K
  • 52% of suburban residents

‌‌Are Upper-Income People Paying Their Fair Share?

Almost six in ten (59%) think upper-income people are paying too little. Those sharing the sentiment are-

  • 58% of Democrats
  • 56% of Republicans
  • 64% of Independents
  • 64% of moderates
  • 72% of liberals
  • 61% of those with income under $30K
  • 72% of $30K-$50K income bracket
  • 61% of $50-$75K income bracket
  • 65% of suburban residents
  • 69% of rural residents

Are Corporations Paying Their Fair Share?

Nearly six in ten ( 59%) Americans feel corporations are paying too little in taxes.  Many demographic groups share the feeling.

  • 59% of Democrats
  • 55% of Republicans
  • 66% of Independents
  • 69% of moderates
  • 67% of liberals
  • Over 60% of all income brackets below $75K
  • 66% of suburban and rural residents

Increases in corporate and capital gains taxes are included in President Biden's tax proposal to help finance his $1.8 trillion American Families Plan.  Many are skeptical that increasing taxes amid a pandemic when the American economy and businesses are barely surviving is a prudent course of action.  It could act as a deterrent to capital investment and job growth, both of which are critical, especially at this juncture.

Note:  Due to rounding, there may be a point difference between the stated numbers and those shown on the charts.


If you enjoy what you read, please consider subscribing for $99 a year.  If you want to discuss your research needs, please contact us.


TIPP Takes

China Completes Historic Mars Spacecraft Landing

  • Xinhua news agency reported that a Chinese uncrewed spacecraft successfully landed on the surface of Mars on Saturday, making China the second space-faring nation after the United States to do so.
  • According to Xinhua, the Tianwen-1 spacecraft landed on a vast plain known as Utopia Planitia, "for the first time leaving a Chinese footprint on Mars," according to Xinhua.
  • Chinese President Xi Jinping sent his congratulations to everyone involved in the mission.
  • NASA's Viking 1 made the first successful landing in July 1976, followed by Viking 2 in September of that year.

Coronavirus: China Seeks To Boost Influence By Filling' Vaccine Vacuum' In Poor Nations

  • As countries in Africa and elsewhere struggle to secure Covid-19 shots, China has stepped in. Analyst says Beijing moved swiftly on vaccine diplomacy, and others are only now catching up.
  • According to Beijing-based Bridge Consulting, China had sold a total of 651 million vaccine doses, far more than its donations of 17.4 million.
  • Latin America and the Asia-Pacific were by far the biggest buyers, receiving 309 million and 248.46 million shots, respectively, while Europe accounted for 61.38 million.
  • Africa bought the least, at 33 million, but it received the second-highest number of donated vaccines from China – it got 5.45 million of the 17.45 million donated.
  • China has pledged to donate vaccines to 35 African countries and the African Union Commission. It has donated the most – 10.5 million – to the Asia-Pacific region.
  • Many countries have started manufacturing Chinese vaccines, including Pakistan, the United Arab Emirates, Indonesia, Malaysia, Bangladesh, Argentina, Brazil, Mexico, and Egypt.

There's a Huge Shortage of This Popular Beverage Ingredient

  • A new report has revealed a shortage in the world's caffeine supply. From coffee and tea to soda and energy drinks, this news could seriously affect your day.
  • China is the world's biggest exporter of synthetic caffeine, reportedly supplying up to 70% of the U.S. market's synthetic caffeine product.
  • The problem is that in China, caffeine is a controlled substance, and since last winter, the Chinese government has been slow to approve an export license for their synthetic caffeine.
  • This primarily affects artificially caffeinated drinks more than naturally amped beverages like coffee and tea.
  • There's a trend that's seeing more consumers recognizing the benefit of choosing products that get their caffeine content from natural sources like green tea.

Delay Child Vaccinations And Share Jabs With Covax, Says WHO

  • Wealthier nations should postpone plans to give children and teenagers Covid vaccines and instead donate supplies to low-income countries, the head of the World Health Organization says.
  • The international distribution of Covid vaccines remains vastly uneven. While nearly all of Europe and the Americas have begun vaccination campaigns, a few countries in Africa have not started yet.
  • Since the first vaccines were approved in December, wealthier countries have bought up most of the supply.
  • So far, the U.S. and China have administered the highest number of vaccine doses overall, with India in third place. Switzerland, Canada, and the U.S. have started making the vaccine available to teenagers.
  • The Covax scheme was developed to first vaccinate 20% of the population in the 92 poorer countries that signed up, starting with health workers.
  • The scheme is co-led by the WHO, the Global Vaccine Alliance (Gavi), and the Coalition for Epidemic Preparedness Innovations (Cepi), with the UN children's fund, Unicef, as a key implementation partner.
  • Dr. Tedros also warned that the second year of the pandemic was likely to be deadlier than the first and that the situation in India was of grave concern.

Chess: American 12-Year-Old Closes In On World Record For Youngest Grandmaster

  • Abhimanyu Mishra is poised to break Sergey Karjakin's mark of 12 years seven months despite going six months without playing in a tournament due to Covid-19.
  • Sergey Karjakin as the youngest grandmaster ever at 12 years and seven months, one of the most enduring chess records, looks set to fall in the next few weeks.
  • From New Jersey, Abhimanyu Mishra is already the youngest ever international master, at 10, and has just achieved two of the three required GM norms for the higher title.
  • His latest tournament, the just concluded Budapest First Saturday, was his most impressive to date, scoring an unbeaten 8/9 with a winning margin of three points.

Comments

Sign in or become a tippinsights member to join the conversation.
Just enter your email below to get a log in link.