There’s word out of Washington that the White House might consider raising taxes on the wealthiest taxpayers in order to offset a Donald J. Trump campaign promise to end taxes on tip income.
Nothing is finalized. And talk is particularly cheap on Capitol Hill. gratuities.
But if Republicans in Congress do go along with that tax tradeoff as they work on expanding the 2017 tax cuts that expire at the end of this year, they’ll have the support of most Americans, according to a recent Pew Research Center poll.
More than half — 58 percent to be precise — of those asked by Pew said tax rates on household income exceeding $400,000 should be raised. That includes 23 percent who said the tax rates should be raised a lot.
Even more poll respondents — 63 percent — told Pew they would like to see tax rates on large businesses and corporations be raised. More than a third, 34 percent, said the increase should be a lot.
Pew Research noted that the poll results, released March 19, show that overall, Americans across income levels have similar views on increasing tax rates for large corporations and higher-income households.
Partisan tax split: But there are differences within partisan groups, noted the nonpartisan think tank.
Upper-income Republicans are less likely than lower-income Republicans to say taxes on these groups should be raised. Upper-income Democrats, however, are more likely than lower-income Democrats to say this.
And the partisan gaps on these questions are far wider among upper-income people than among those who make much less money.
Of course, the only poll that matters the most to U.S. Representatives and Senators is the tally of votes on election day. With the Congressional midterms still more than a year away, this poll might not sway many lawmakers’ decisions that much.
Still, you never know. Public perception, even this far removed from election day, might be enough for such a tweak to tax policy.
Or, as a White House official told Axios, which first reported the possible tax hikes on the rich, “If we renew tax cuts for the rich paid for by throwing people off Medicaid, we're gonna get f–king slaughtered.”
That blunt assessment affirms my decision to select the Pew Research Center poll’s finding of 58 percent who support hiking taxes on the wealthy as this weekend’s By the Numbers figure.
You also might find these items of interest:
- Is the U.S. income tax system on its way out?
- 2025 Monthly Tax Tips: January, February, and (so far) March
- 2025’s inflation-adjusted tax brackets will keep some taxpayers from being bumped to a higher rate
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