Widespread support for funding Biden infrastructure plan with taxes on rich & corporations
Q1 2021 hedge fund letters, conferences and more
Support rises when plan is funded by raising taxes on corporations
Strong Support For President Biden's Infrastructure Plan
(Washington, DC) At least eight polls have been conducted and released recently showing strong support for President Biden’s Made in America Tax Plan, which would raise about $2.5 trillion from corporations to pay for the $2.3 trillion cost of the American Jobs Plan. These polls also show strong majorities for Biden’s proposal to raise taxes on people who make more than $400,000 a year, which is expected to be the primary way he pays for his forthcoming American Family Plan.
“Making corporations and the wealthy pay their fair share in taxes is a winning message, period,” said Frank Clemente, Executive Director of Americans For Tax Fairness. “For too long our country has had a system where the rich, powerful and privileged can hoard money, avoid taxes and continually put the responsibility on the middle class. President Biden’s plan to close tax loopholes and begin to create a fair share tax system is a bold move, and the right move. Voters clearly like the President’s jobs and infrastructure the more it’s paid for by the rich and corporations.”
Support For Raising Taxes
Axios -- Engagious/Schlesinger focus groups, April 13, 2021 (13 swing voters)
The bottom line: Engagious President Rich Thau, who moderated the focus groups, said swing voters “need these three assurances: Both parties in Congress will support the final infrastructure bill; it won’t be financed by more borrowing, and wealthy Americans and large corporations will pay the tab — not them.”
Quinnipiac University Poll, April 8-12, 2021 (1,237 respondents, MOE +/- 2.8 percentage points)
- 62% of respondents support raising taxes on corporations, while 31% oppose it. (Q.21)
- By a margin of 64% to 31%, respondents support raising taxes on people earning more than $400,000 a year. (Q. 22)
- By a margin of 44% to 38%, respondents support Biden's $2 trillion infrastructure plan; 19% declined to give a response. (Q. 46)
- However support for the infrastructure plan increases -- by a 53% to 39% majority support -- if the plan is funded by raising taxes on corporations. (Q. 47) Just 9% did not offer an opinion.
Navigator Research/Global Strategy Group, April 8-12, 2021 (1,646 registered voters)
- Asked whether the government should limit spending on infrastructure and services to minimize the deficit, 62% instead said we should “spend whatever is necessary” to build infrastructure, provide services and create jobs.
- On paying for the plan, majorities of Americans were supportive of increasing the corporate tax rate to 28% (56%), raising income taxes for those earning more than $400,000 annually (69%) and closing tax loopholes for multinational corporations (74%).
- More than two in three independents support these proposals as part of new infrastructure legislation (71%).
- 53% of Republicans earning less than $50,000 annually support raising incomes taxes on those making more than $400,000 per year, only 38% of Republicans earning more than $100,000 annually support it.
Support For Closing Tax Evasion Loopholes
Yahoo News/You Gov, April 6-8, 2021 (1,649 U.S. adults interviewed online; MOE 2.6%)
- “And while the legislation’s potential $3 trillion price tag is raising some eyebrows … opinion shifts in Biden’s favor once the public learns that he plans to pay for it by raising taxes on corporations and Americans making more than $400,000 a year.”
- 56% support that funding stream and 28% oppose it.
- 55% favor a global minimum tax rate designed to help prevent multinational corporations from evading U.S. taxes by shifting profits to other countries.
- 65% want to close loopholes that allow corporations to avoid U.S. taxes by putting their money in offshore banks.
- 51% support raising the U.S. corporate tax rate from 21% to 28% to pay for infrastructure investments.
- Opposition to these Biden proposals ranges from 15% (for closing loopholes) to 30% (for raising the corporate tax rate).
Morning Consult/Politico, April 2-4, 2021 (1,989 respondents, MOE +/- 2%)
- 65% of respondents support raising taxes on corporations to fund President Biden’s infrastructure plan.
- 53% of respondents support the infrastructure bill with the increased corporate tax rate whereas only 29% support the infrastructure bill without increasing the corporate tax rate.
- Republican voters were nearly split: 42% back Biden's plan to raise corporate taxes and 47% are opposed.
Reuters/Ipsos, March 31 - April 1, 2021 (1,005 respondents, MOE +/- 4%)
- 64% of respondents supported a tax hike on corporations and large businesses as a way to pay for Biden’s infrastructure bill
- 56% supported ending tax breaks for the fossil fuel industry.
- “45% of Americans said they would support a jobs and infrastructure plan that was ‘recently released by the Biden administration.’ Another 27% said they were opposed and the remaining 28% said they were not sure.”
Improvements To America’s Infrastructure Funded By Taxes
Morning Consult/Politico, March 26-29, 2021 (2,043 respondents)
- 54% of respondents said they support making improvements to America’s infrastructure funded by taxes on those making more than $400,000 per year and increases to the corporate tax rate.
- Only 27% support infrastructure improvements without the tax increases.
- 57% of respondents said that they are more likely to support the bill if it is funded by tax increases for those making more than $400,000 versus only 17% who said it would make them less likely.
Data for Progress/Invest in America, March 19-21, 2021 (1,291 respondents)
63% of respondents would rather pay for President Biden’s Build Back Better Plan by increasing taxes on the wealthy and corporations versus 28% who would rather cut spending on existing social programs.
SurveyMonkey, Nov. 9-15, 2020 (3,477 respondents)
- 67% support (30% oppose) “raising taxes on Americans making $400,000 or more and keeping tax rates at current levels for those making less than $400,000?”
- 88% of Democrats and Democratic leaners support this proposal, along with 70% of independents and nearly half of Republicans and GOP leaners (45%).
