Democrats itching to double or triple the income tax rate for wealthy individuals are way out of touch with most Americans, according to the Job Creators Network/ScottRasmussen.com Weekly Pulse, released today.
“More than three quarters of Americans say that no one should pay more than 30 percent of their income in federal, state and local taxes,” said Elaine Parker, President of the Job Creators Network Foundation.
Earlier this week, one Democrat floated a plan to raise the personal income tax rate to 70 percent for wealthy Americans. According to the Weekly Pulse, however, 94 percent say that’s too high for any American to pay.
Parker noted that roughly three-quarters of small business pay taxes as individuals, and that a 70-percent top rate would wipe out many of them.
“I don’t think they understand that millions of small businesses are organized as pass-through companies, which means that their business income passes through the owner’s personal income. Under her plan, a business owner who pays herself an annual salary of $75,000 could be taxed the same rate as Jeff Bezos (billionaire owner of Amazon). Where’s the fairness in that?”
The Weekly Pulse asked how taxing small businesses the same as multi-millionaires would affect the economy. Seventy-two percent said it would be bad.
“Ninety-seven percent of Independents and 90 percent of Democrats say the top rate for any American should be lower than what some Democrats apparently have in mind,” said pollster Scott Rasmussen. “Soaking the rich is vaguely appealing to some Americans, but when they see what that looks like, the idea is broadly unpopular.”