Taxing the rich to pay for infrastructure is popular despite what Republicans say
A new poll found a majority of Americans support raising taxes on corporations and those earning more than $400,000 a year to pay for President Joe Biden’s infrastructure plan.
President Joe Biden’s plan to tax the rich to pay for an infrastructure bill that fixes the country’s aging roads, bridges, and transit systems is broadly popular, according to a new Politico/Morning Consult poll published on Wednesday.
The poll found that 54% of Americans support raising taxes on corporations and those earning more than $400,000 per year in order to pay for the infrastructure plan, as opposed to the 27% who said that the proposal should be paid for without those tax increases.
What’s more, 57% of Americans said they would be more likely to support the infrastructure plan if it raised taxes on people earning more than $400,000, while just 17% said it would make them less likely to support the proposal.
The poll comes after several Republicans have pooh-pooed the idea. Senate Minority Leader Mitch McConnell said there won’t be “any enthusiasm on our side for a tax increase” and called the infrastructure plan a “trojan horse” for tax increases.
Sen. Susan Collins (R-ME) literally laughed when asked whether she supports raising taxes to pay for an infrastructure plan, MSNBC reported.
“I would not anticipate that it would be well received,” Collins said of using tax hikes to pay for infrastructure legislation.
Republicans remain against raising taxes to pay for the infrastructure plan, despite recently raising concerns over the federal deficit. Rising federal deficits were the reason some GOP lawmakers gave to justify their opposition to the popular coronavirus relief bill Democrats passed earlier this month.
Ultimately, just 1.8% of taxpayers earn more than $400,000 per year, according to CNBC. Because of the way the tax policy in the United States works, only the income over $400,000 would be taxed at a higher rate. For example, a married couple that earns a combined $450,000 would only see a tax increase on the $50,000.
According to CNBC, Biden’s infrastructure plan includes $621 billion for repairing bridges, airports, roads, and public transit; $300 billion to upgrade “drinking-water infrastructure, expanding broadband access and upgrading electric grids;” and $300 billion to build and update schools, among other things.
Published with permission of The American Independent Foundation.
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