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No Confidence: America's Declining Opinion of Tax Policy

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The editors at Master of Accounting Degrees decided to research the topic of:

No Confidence: America's Declining Opinion of Tax Policy

How American feelings on taxes have changed over time.

Mid Century vs. the 2000's


- Does the government waste our tax dollars?

Those who answered "a lot," drastically increased


- 1958=43%
- 2012=73%

Those who answered "not much," drastically decreased


- 1958=10%
- 2012=4%

56 cents out of every tax dollar was believed to be wasted by 2012 survey takers.

Paying taxes isn't even the problem.

What bothers you more?


- [year--%the amount of taxes I pay--%what the taxes are used for]
- 2002--8%--75%
- 2005--12%--71%

Of registered voters, a majority want a smaller government


- [year--% higher taxes/bigger government--%lower taxes/smaller government]
- 2000--32%--52%
- 2003--34%--50%
- 2004--38%--45%
- 2006--34%--52%
- 2009--35%--55%

But it wasn't always this way


- Is the income tax fair?
- [year-percent yes]
- 1943--85%
- 1944--90%
- 1945--85%

The Verdict's out on War


- The biggest national issue in the eyes of those polled was
- 1941-1945= Winning War
- 2004-2007=Iraq War

When polled on "is the income tax fair?"


- "Yes"
- 1943--85%
- 1944--90%
- 1945--85%
- "Yes"
- 2003--64%
- 2004--62%
- 2005--61%
- 2006--60%
- 2007--60%
- 2008--60%
- 2009--61%
- 2010--59%
- 2011--57%

A matter of priorities

Increasing taxes on the rich

Should wealth be redistributed by taxing the rich?


- "yes"
- 1939:35%
- 2008:
- Republicans: 17%
- Independents: 47%
- Democrats: 75%

Big Money


- # of high-net worth individuals 2011
- >$100 million= 29,000 individuals
- $10 million-$100 million= 987,300 individuals
- $5 million-$10 million=1,959,600
- $1 million-$5million= 26,724,200

Average tax rates for the super wealthy


- [year-tax rate for top .01%--tax rate for top .1%]
- 1945:60--55%
- 1950:53--42%
- 1955:47--39%
- 1960:45--38%
- 1965:40--37%
- 1970:43--38%
- 1975:43--37.5%
- 1980:46--41%
- 1985:40--35%
- 1990:25--25%
- 1995:31--31%
- 2000:26--29%
- 2005:20.5--25%
- 2010:24--26%

Romney's tax rate


- 2010: 14%
- 2011: 15.4%
- On earnings of $45 million
- 400 richest Americans
- 2011: 18%

Redistributing the tax burden


- Even with broad and prolonged support for raising taxes on the rich:
- Redistribution of tax burden regularly ranks near the bottom of American's priority list.
- Only two national polls even ranked taxes as a respondent priority.
- Bloomberg Poll: 4% saw tax reform as the most important issue of the year (2012)
- New York Times Poll: 3% percent saw tax reform as the most important issue

Citations


- http://www.scribd.com/doc/134669474/Polls-on-Attitudes-on-Taxes-2013
- http://www.taxjustice.net/cms/upload/pdf/Price_of_Offshore_Revisited_120722.pdf
- http://upload.wikimedia.org/wikipedia/commons/e/e8/US_high-income_effective_tax_rates.png
- http://thecaucus.blogs.nytimes.com/2012/01/24/romney-tax-returns-to-give-view-of-family-wealth/
- http://en.wikipedia.org/wiki/File:US_high-income_effective_tax_rates.png
- http://www.pollingreport.com/prioriti.htm


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