Poll reveals Americans’ misconceptions on income tax for top 1%

[KARAH RUCKER]

A NEW POLL REVEALS MOST AMERICANS WANT THE RICH TO PAY MORE IN TAXES.

BUT IT ALSO REVEALS AMERICANS HAVE A MISCONCEPTION IN HOW MUCH THE TOP ONE PERCENT ACTUALLY PAYS IN.

HERE’S THE QUESTION.

“HOW MUCH DO YOU THINK THE TOP ONE PERCENT OF TAXPAYERS ACCOUNT FOR IN TERMS OF SHARE OF TOTAL FEDERAL INCOME TAXES PAID?

22 PERCENT GUESSED THE WEALTHY PAY ONE PERCENT.

A QUARTER OF AMERICANS GUESSED 12 PERCENT.

22 PERCENT GUESSED 42%.

JUST A FRACTION GUESSED 64%

THE CORRECT ANSWER?

THE TOP ONE PERCENT OF EARNERS ACCOUNT FOR 42% OF FEDERAL INCOME TAXES PAID.

NEARLY HALF OF AMERICANS THOUGHT THEY CONTRIBUTE LESS THAN 12 PERCENT.

ONE THIRD OF DEMOCRATS POLLED – THOUGHT THE TOP ONE PERCENT PAY ONLY ONE PERCENT OF ALL INCOME TAXES.

77 PERCENT OF DEMOCRATS BELIEVE THE WEALTHY AREN’T PAYING THEIR FAIR SHARE.

BUT DEMOCRATS AREN’T ALONE IN WANTING THE RICH TO PAY IN MORE.

54 PERCENT OF ALL AMERICANS WANT TOP EARNERS TO PAY HIGHER TAXES.

BUT IN ANOTHER POLL QUESTION –

AMERICANS CONTRADICT THEMSELVES.

71% SAY THE RICH SHOULD BE TAXED AT MOST 30 PERCENT.

BUT THE CURRENT BRACKET ALREADY HAS TOP EARNERS TAXED AT A 37 PERCENT RATE.

SO AMERICANS WANT THE RICH TO PAY MORE –

BUT OVERWHELMINGLY WANT TO LOWER THE TOP TAX RATE.

PERHAPS THE CONTRADICTION IS A RESULT OF POOR EDUCATION ON HOW TAXES WORK.

THAT’S THE CONCLUSION THE TAX FOUNDATION HAD IN CONDUCTING THE POLL.

DESPITE AMERICANS NOT ANSWERING WELL TO TAX QUESTIONS –

IT’S OFTEN A TOP ISSUE AT THE FRONT OF PRESIDENTIAL CAMPAIGNS.

2024 BEING NO EXCEPTION.

TRUMP PROMISING TO EXTEND HIS TAX CUTS FROM 2017.

AND BIDEN CAMPAIGNING ON A NEW WEALTH TAX.

OUR BUSINESS CORRESPONDENT SIMONE DEL ROSARIO RECENTLY DID AN IN DEPTH REPORT ON THIS YEAR’S TAX SEASON.

SHE SPOKE WITH ANALYSTS WITH THE TAX FOUNDATION ABOUT THE COMPLEXITIES OF FILING TAXES. 

YOU CAN FIND THAT REPORT ON SAN.COM.