Voters Worry Tax Hikes Would Further Increase Prices

According to a new survey conducted by the S-Corp Association, Americans largely oppose raising taxes on U.S. businesses and believe higher levies actually could exacerbate the impact of inflation on consumers. As Connecting the Dots has reported over the last several months, the Build Back Better plan supported by the White House would raise levies on both small and large companies.

Specifically, the S-Corp Association poll found:

• 66 percent of voters believe that if companies have to pay more in taxes, those costs will be passed on to consumers in higher prices.
• 57 percent of voters do not believe that tax increases will curb inflation. That number included 41 percent of Democrats.
• 62 percent of voters either believe that tax increases would further accelerate inflation (42 percent) or would have not help ease it (20 percent).
• Two-thirds of voters, 67 percent, say a tax increase would hurt businesses rather than help them.

The survey also asked voters to identify the tax rate they thought certain entities should be paying in order to be paying their “fair share.” In almost each case, the tax rate to qualify as paying that “fair share” was lower than the rate these entities already pay. For wealthy individuals, the fair share rate was about 33 percent, for corporations it was 25.5 percent, for small businesses it was 17.5 percent, and for individually/family-owned businesses it was 16.8 percent. Read more here.