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WHAT AMERICANS WANT FROM TAX REFORMS

October 25, 2019

Over 90% of all American citizens want investments tasked as much as wages.
That’s according to a survey conducted by WalletHub. This debate has even been
brought up through the current presidential election debates that are taking
place in the country.  Americans, it appears, want tax equality – and that means
tax reforms.

Critics have argued that there’s worsening income equality under the last two
administrations. This inequality has also been perceived through gender and
marriage rights. Based on the WalletHub study that involved more than a thousand
American taxpayers, below are the most common tax reform issues that people are
interested in.


I. EQUALITY BEFORE ECONOMY

When asked what they thought was the most important among ‘tax fairness’, ‘tax
equality’ and ‘what’s best for the economy’, most respondents in the survey
placed economy at the end of their priority list. Over 60% said that they wanted
tax fairness while about 20% placed a lot of prominence on tax equality. 18%
thought that the economy was the priority issue. This perhaps wouldn’t have been
the response a few years ago during the Great Recession, when a majority of
Americans poured their hearts out to the economy.


II. MORE SIMPLICITY WITH FEWER DEDUCTIONS

Taxation is an expensive affair. In addition to the fact that about 31% of each
American’s annual income goes to local, state and federal taxes, taxpayers spend
billions (and a lot of time for that matter) trying to file returns and comply
with tax regulations. That’s an additional cost that’s brought about by the
complication of the tax code. Most Americans would wish that this code was less
complicated. According to the WalletHub survey, more than 80% of the respondents
think that the tax code has become ‘too complex’. This is compared to only 2%
who think that it’s ‘simple’. Nearly half of polled respondents think that a
simpler and fairer tax code would only have fewer deductions.


III.MORE TAX FOR CORPORATIONS

Wall Street vs Main Street – that’s a rivalry that has decorated the American
taxation debate for years. Many taxpayers, it appears, were enraged by the
government’s bailouts of major firms, including those that contributed to the
recent recession. The fact that corporate profits have bounced much faster than
household incomes typically ‘adds salt to the injury’. Some of the largest and
most profitable American companies are parking overseas in order to avoid hefty
taxation in the U.S. over 90% of respondents in the WalletHub survey said that
investments should be tasked as much as wages are. This piece of information
clearly highlights the current taxpayer sentiment.


IV. MORE TAX FOR WEALTHY AMERICANS

More Americans want a heavier tax burden imposed on the rich. In fact, most
people would prefer a model where tax rates increased steadily based on income.
This view has been held by American taxpayers for quite a long time, and it’s no
surprise it’s brought up every time there’s a looming presidential election!

To sum it all up, American taxpayers really want Uncle Sam to view and treat all
his children equally when it comes to paying taxes.



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