The Daily 202: Trump's plutocracy problem complicates push for tax cuts
The Daily 202 - Analysis
By James Hohmann September 26 at 7:11 AM
THE BIG IDEA: Two in three Americans believe that large corporations pay too little in taxes. Only 11 percent of U.S. adults think these businesses pay too much, while 17 percent think they pay their fair share. Even half of Republicans believe big businesses pay too little in taxes, according to a new Washington Post-ABC News poll.
Overwhelmingly, across party lines, people feel that the current tax system is rigged in favor of the wealthy. Over 7 in 10 Americans think the tax system favors the rich. Just five percent think the current code favors the middle class. But the more details that leak out about President Trump’s plan, the clearer it becomes that the wealthiest are likely to be the biggest beneficiaries. Top White House negotiators and key GOP leaders have reportedly agreed on two targets: lowering the corporate tax rate from 35 percent to 20 percent and cutting the top income tax rate — for those who make more than $418,000 a year — from 39.6 percent to 35 percent.
-- Trump is scheduled to fly to Indiana tomorrow to unveil details of the proposal after months of behind-the-scenes negotiations. It’s unclear how specific he will be, and people involved in the process say that much remains fluid, but White House aides insist that selling these cuts will be the president’s top priority in the coming months.
-- The new Post-ABC poll shows that Trump is starting in a hole. Before our pollsters asked about any specifics, respondents were asked generally to react to Trump’s tax plan “given what you’ve heard or read”: 28 percent support it, and 44 percent oppose it. The rest — 34 percent — have no opinion yet.
A majority of the country, 51 percent, thinks Trump’s plan will mainly help the wealthy. Just 10 percent think it will mainly help the middle class. A quarter of the country thinks the Trump tax plan will help both groups equally, and the rest are undecided.
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