Poll: Raising Taxes on Businesses Will Increase Cost of Goods and Services, Harm Americans Making Less than $400k

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Posted on Thursday, October 28th, 2021, 10:40 AM PERMALINK

By an 81-19 margin, voters believe raising taxes on corporations will increase the cost of goods and services, according to a new poll conducted by HarrisX. Voters also believed raising taxes on corporations will harm taxpayers making less than $400,000 per year.

By a 74-26 margin, voters believed that raising taxes on businesses will increase the price of goods and services for taxpayers making less than $400,000 per year, while two-thirds of voters believe raising the corporate tax was a tax increase on Americans making less than $400,000 per year.

Democrats have proposed numerous tax increases on American businesses. President Biden’s budget called for raising the corporate tax rate to 28 percent. After state taxes, the average rate would be 32 percent, significantly higher than Communist China’s 25 percent rate. In addition, Senate Democrats have proposed a 15 percent corporate minimum tax, which would disallow important, pro-growth deductions. Finally, the Left is pushing a global minimum tax between 15 percent and 21 percent, which would surrender American tax sovereignty to foreign countries and globalist organizations.

The poll was conducted between October 26 - 27 among 937 registered voters. The sampling margin of error of this poll is plus or minus 3.2 percentage points and results reflect a nationally representative sample of registered voters.

Voters were asked the following:

Do you think that raising taxes on businesses and corporations will cause them to raise the prices of goods and services they offer or not?

  • 81 percent of voters said “Yes, business and corporations will respond to tax increases by raising prices.” 
     
  • 19 percent of voters said “No, business and corporations will not respond to tax increases by raising prices.”

 

Voters across key demographics believe raising taxes on businesses will increase the price of goods and services including:

  • 82 percent of male voters
  • 80 percent of female voters
  • 86 percent of college educated voters
  • 89 percent of Republicans
  • 74 percent of Democrats
  • 81 percent of independents
  • 74 percent of Biden voters
  • 81 percent of suburban voters
  • 81 percent of urban voters
  • 82 percent of rural voters

 

Do you think an increase in the corporate tax rate will translate into higher costs of goods and services for Americans making less than $400,000 per year?

  • 74 percent said “Yes, this would translate into higher costs of goods and services.”
     
  • 26 percent said “No, this would not translate into higher costs of goods and services."

 

Voters across key demographics believe that raising taxes on corporations will increase the price of goods and services for Americans making less than $400,000 per year including:

  • 75 percent of male voters
  • 73 percent of female voters
  • 79 percent of college educated voters
  • 85 percent of Republicans
  • 68 percent of Democrats
  • 66 percent of independents
  • 67 percent of Biden voters
  • 72 percent of suburban voters
  • 75 percent of urban voters
  • 76 percent of rural voters

 

According to some economists, workers bear anywhere from 25 to 70 percent of the corporate income tax. Do you view an increase in the corporate tax rate as a tax increase on Americans making less than $400,000 per year?

  • 64 percent of voters said “Yes, this would be a tax increase on Americans making less than $400,000 per year.”
     
  • 36 percent of voters said “No, this would not be a tax increase on Americans making less than $400,000 per year.

 

Voters across key demographics believe that raising the corporate tax is a tax increase on Americans making less than $400,000 per year including:

  • 68 percent of male voters
  • 60 percent of female voters
  • 72 percent of college educated voters
  • 77 percent of Republicans
  • 54 percent of Democrats
  • 61 percent of independents
  • 61 percent of suburban voters
  • 68 percent of urban voters
  • 66 percent of rural voters

 

Photo Credit: "Long Line" by Russ Allison Loar is licensed under CC BY-NC-ND 2.0.

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