Are the rich paying enough taxes? Most Americans say no
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A study revealed how Americans feel about the rich paying their fair of taxes, but it depends on their political affiliation.
By the numbers:
A recent Gallup poll said 48% of Republicans tend to believe upper-income people pay their fair share in taxes. However, 34% think they pay too little.
On the other side of the political spectrum, 57% of independents and 87% of Democrats think upper-income people pay too little in taxes.
Trump tax cuts could benefit the rich
Dig deeper:
Republicans are pushing to renew some $4 trillion in expiring tax cuts.
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The U.S. Treasury released an analysis of the various ways that extending the expiring individual and estate tax provisions of Trump’s 2017 tax overhaul — known as the Tax Cuts and Jobs Act — could cost the government, and who would directly benefit the most from the legislation’s permanent extension.
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For instance, the Treasury’s Office of Tax Analysis estimates that the top 0.1% of earners would get a tax cut of $314,000 under a full extension of the individual and estate tax provisions, with the total cost of those tax cuts amounting to $4.2 trillion between 2026 and 2035.
On top of his plan to extend the tax cuts, President Donald Trump on the 2024 campaign trail introduced proposals aimed at working- and middle-class Americans: exempting earned tips, Social Security wages and overtime wages from income taxes.
GOP forges ahead with tax breaks, spending cuts framework
Big picture view:
Trump has backed a Senate GOP's multitrillion-dollar tax breaks and spending cuts framework, calling it a "big, beautiful bill" that’s central to his agenda.
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The Republicans framed their work as preventing a tax increase for most American families, arguing that unless Congress acts, the individual and estate tax cuts that GOP lawmakers passed in 2017 will expire at the end of this year.
The Senate package pulls in other GOP priorities, including $175 billion to bolster Trump’s mass deportation effort, which is running short of cash, and an additional $175 billion for the Pentagon to build up the military, from an earlier budget effort.
What's next:
The framework now goes to the House, where Speaker Mike Johnson, R-La., could bring it up for a vote as soon as next week as he works toward a final product by Memorial Day.
Americans' perception of paying ‘fair’ taxes hits record low
Dig deeper:
The poll said for the past 25 years, 64% of Americans believed taxes were fair. However, that percentage dropped to 46% in 2023 and continues to stay below the majority.
The poll also revealed that 59% of Americans say the federal income tax they pay is too high, while 38% are about right and 2% too low.
When broken down by political party, Gallup pointed out that 62% of Democrats believe the taxes they pay are fair, while 35% of Republicans and 45% of independents share this view.
The Source: The Associated Press contributed to this report. The information in this story comes from a recent Gallup poll that surveyed Americans’ views on tax fairness, particularly how political affiliation shapes perceptions of whether the wealthy pay enough in taxes. This story was reported from Los Angeles.