The majority of Americans are not convinced about the Republican re-shaping of the United States tax system. Only 25 percent of the Americans think that overhauling the tax system should be prioritized by Congress and President Donald J. Trump. More than 70 percent hold the opinion that other issues must be solved first. Even among GOP lawmakers, only 51 percent hold the belief that overhaul should take the center stage.
Loss of confidence
According to multiple polls conducted by Morning Consult, CBS News, and NBC News/Wall Street Journal, Americans hold certain feelings when it comes to the proposed Republican tax overhaul. As per the latest polls, it is clear that a few Republican points are not being accepted by the Americans. Foremost among them is the concept that workers will benefit from corporate tax cuts. The situation is so bad that even right-wing GOP economists remain divided on this issue. Almost 60 percent of the poll respondents believe that corporations will not use that extra money to generate more jobs. Many believe that this bill will benefit the economy, but the figures exhibit a plurality. There is no clear majority in this aspect.
When it comes to the Republican tax proposals, Americans are divided over the issue. About 39 percent of those polled have no opinion on the matter. As per the NBC/WSJ poll, opinions do not exist on whether this tax will be bad or good for the economy. About one-third said it's an extremely bad idea. About 25 percent claim it to be an excellent one. There are aberrations though: almost 50 percent of those polled by Morning Consult said they support the GOP proposal. About 37 percent in the same poll oppose it. It is to be kept in mind that the bill has not been released so far.
A few proposals get wide support. About 75 percent of Americans prefer the concept of increasing child tax credit and the reduction of small businesses' tax rate. There is also much support for doubling the standard deduction.
The polls also established the fact that people living in the United States do not trust corporations. Over 50 percent of Americans believe that tax imposed on big companies should be hiked. Only 25 percent hold the opinion that tax slashes would benefit them in an indirect manner. Americans also believe that the rich should be taxed higher. About 58 percent are in line with this proposal.