Trump's tax cuts on high-income individuals received 33 Percent support while 62 percent of those polled opposed the move. When it came to lowering taxes on business, 45 percent of those polled said that they support Trump's proposed Tax Cuts on businesses while 48 percent opposed the move. Middle and lower income people received the greatest support from those polled. 78 percent of those polled support Trump's proposed tax cuts on middle and lower income people while 19 percent opposed it.
When it comes to Trump's overall tax plan, 28 percent of those polled support Trump's proposed tax plan, 44 percent opposed it while 28 percent said they have no opinion.
The survey also revealed that 10 percent of those polled think that Trump's proposed tax plan will mainly reduce taxes to the middle class. 51 percent believe that his new tax plan will reduce taxes for the rich while 24 percent of those polled think that Trump's tax plan treats equally the middle class and the wealthy.
Trump's proposed tax plan
Trump unveiled his tax plan on Wednesday that will see corporations and individuals pay little in taxes. Trump called the current tax plan a "relic" while speaking at an event in Indiana. In his new tax plan, Trump proposes a reduction in the number of tax brackets for individuals from seven to three. His new tax rate bracket plan for individuals would thus be 12 percent, 25 percent, and 35 percent.
He also announced a zero tax bracket that would eliminate taxes on married couples for the first $24,000 they earn and $12,000 that will be made by single individuals.
Small businesses will pay a maximum tax rate of 25 percent while taxes on corporations will be reduced to 20 percent from the current 35 percent. Companies in industrialized countries pay an average of 22.5 percent in corporate taxes according to the Tax Foundation.
Trump's four principal goals of his tax reforms
His four goals of his tax reforms are,
- To make the tax regulations in U.S simple, fair and easy to understand.
- To increase the pay of American workers.
- To make U.S jobs a global magnet of the world by equalizing the playing field for American companies and employees.
- To ensure trillions of dollars that are kept offshore are reinvested into the American economy.
Trump's tax plan will benefit low-income earners and corporations the most.
Companies are set to announce higher profit earnings once the tax plans have been passed. Companies such as Apple, J.P Morgan Chase, Berkshire Hathaway, Wells Fargo and Alphabet stand to benefit the most because they are the most profitable enterprises in the United States according to Fortune magazine.
