Democrats can impose higher taxes on wealthy households and corporations to pay for workforce investments, and Data for a new survey and progress by The suggestion is that the hike will be widely popular.
Democrats’ plan would raise the top tax rate for household income from 37% to 39.6%, an idea supported by 61% of voters, including 41%. Republican. Similar percentages of voters like the top corporate tax rate rising from 21% to 26.5%, plus a higher tax on investment income known as capital gains.
A small 55% majority of voters said they strongly or somewhat support tax assets received through inheritance of more than $1 million – an idea removed from an earlier proposal by the Democrat president in the House of Representatives. Gaya Joe Biden.
Data for Progress, a progressive polling and strategy organization, surveyed From 15 September to 17 September out of a possible 1,346 voters. The survey described the tax increase as funding “new government investments in America’s infrastructure, workforce, and households”.
The proposals received strong support from Democrats and independents, and were popular among people of various ages, races and educational backgrounds. They were generally underwater with Republicans by small margins.
It should come as no surprise that the proposed tax hike is popular. For decades, Americans have Constantly told Gallup pollsters That people with higher incomes pay very little in federal taxes.
But the tax hike is more controversial among lawmakers on Capitol Hill, where Republicans are 100% opposed and Democrats are struggling to figure out which ideas can win the most support in the House and Senate.
Democrats control the Senate with only 50 seats and vice presidents act as tiebreakers, meaning they need unanimous party support for any element of their agenda to pass. And they may lose only three Democratic votes on behalf of the House.
The proposed tax on inherited property represents the challenge before the party leaders. A small number of House and Senate Democrats refuse to support closing a loophole that allows family dynasties to avoid taxes on investment income for generations. The main criticism of taxing valuable assets is that it would hurt family farms – even though the Biden proposal would allow farms to pay the tax indefinitely.
As a possible alternative, Sen. Ron Wyden (D-Ore.) proposed a 2% tax on stock buybacks that corporate executives use to increase the value of a company’s shares—a major measure of executive compensation. There is also a part.
Twenty-eight percent of potential voters said they would support the stock buyback tax, although 18% of respondents said they had no opinion, suggesting that voters are less familiar with the concept.