Tax the Rich Is Actually a Popular Bipartisan Stance, Poll Shows

Still, just about half of swing-state voters like Trump’s idea of a 10% universal tariff on all imports and a 60% levy on products from China, the poll found. A quarter of respondents opposed the tariffs.

The support for populist-inspired tax policy could also weigh on debates in Congress next year, no matter who wins the election, when lawmakers will be faced with a choice to extend Trump’s 2017 tax cuts for individuals and privately owned businesses or let them lapse.

Only 32% of poll respondents said they support letting those tax cuts expire as scheduled at the end of 2025. But extending those reductions — which will cost trillions of dollars — will likely mean a protracted negotiation in Washington over whether to preserve tax cuts for the richest households, how to offset the cost and will open the door for other tax changes.

One idea that is likely to be a key tension point in Congress is whether to increase the $10,000 cap on state and local tax, or SALT, deduction. Trump’s 2017 law limited the tax break, which is primarily beneficial to people living in high-tax areas like New York and California.

Some 42% of poll respondents approve of increasing the amount of the deduction, a goal of many Democrats in Congress, even though only about 11% of households are eligible to claim the deduction. That suggests many people who don’t personally benefit from the SALT write-off support expanding it.

Methodology

The Bloomberg News/Morning Consult poll surveyed 4,932 registered voters in seven swing states: 796 registered voters in Arizona, 788 in Georgia, 698 in Michigan, 447 in Nevada, 699 in North Carolina, 807 in Pennsylvania and 697 in Wisconsin. The surveys were conducted online beginning March 8, and concluded March 14 in Arizona and Wisconsin, March 15 in Nevada, and March 12 in the remaining states. The aggregated data across the seven swing states were weighted to approximate a target sample of swing-state registered voters based on gender, age, race/ethnicity, marital status, home ownership, 2020 presidential vote and state. State-level data were weighted to approximate a target sample of registered voters in the respective state based on gender, age, race/ethnicity, marital status, home ownership, and 2020 presidential vote. The margin of error is plus or minus 1 percentage point across the seven states; 3 percentage points in Arizona, Georgia and Pennsylvania; 4 percentage points in Michigan, North Carolina, and Wisconsin, and 5 percentage points in Nevada.

Image credit: Shutterstock

Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.