A new poll from Politico finds plurality support for Trump’s tax plan, and majority support for some specific provisions from the outline.
Nearly half of Americans support President Trump’s tax reform plan, and only around a third are opposed, according to a new poll from Politico and Morning Consult.
Of those who have heard about the plan, according to Politico:
Overall, the 48 percent of voters familiar with the plan who support it is greater than the 37 percent who oppose it. Fifteen percent have no opinion about the proposal.
For now, the partisan split favors the GOP. More than three-quarters of Republicans, 78 percent, approve of the tax plan, while a smaller share of Democratic voters, 65 percent, disapprove. Independent voters are split: 38 percent approve, and 38 percent disapprove.
Politico also identified the more popular aspects of the plan (listed in order of approval vs. disapproval):
- Doubling the standard deduction: 62-15
- Creating a $500 tax credit for all dependents: 61-16
- Reducing the small business tax rate from 39.6% to 25%: 61-17
- Increasing the child tax credit: 60-19
- Allowing companies to repatriate offshoring holdings “with a slightly lower, one-time tax”: 49-24
- Reducing the number of tax brackets from seven to three: 44-26
And some of the less popular aspects, most having to do with taxes that corporations pay:
- Repealing most itemized deductions: 42-32
- Allowing businesses to immediately write off new investments: 38-31
- Reducing the corporate tax rate from 35% to 20%: 39-38
- No longer taxing overseas profits: 31-41
Ironically, some of the most popular elements of tax reform are also some of the least expensive. From Committee for a Responsible Federal Budget (CRFB) estimates:
- Doubling the standard deduction: $0.7 trillion over 10 years
- Creating a $500 tax credit for all dependents: $0.4 trillion over 10 years
- Reducing the small business tax rate from 39.6% to 25%: $0.5 trillion over 10 years
The total cost of these three popular provisions over ten years would be around $1.6 trillion, which could be completely paid for by repealing most itemized deductions, another idea that earns plurality support.
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