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Republicans Favor Major Cut in Corporate Tax Rate, Democrats Don’t

Wednesday, March 15, 2017

The United States has the highest corporate tax rate in the developed world, but most voters don’t know that. Voters tend to see cutting the tax rate as an economic plus but are evenly divided over President Trump’s plan to cut it by over half.

A new Rasmussen Reports national telephone and online survey finds that 48% of Likely U.S. Voters are aware that the tax rate on corporations in the United States is higher than in most other nations. Twenty-three percent (23%) incorrectly think the U.S. corporate tax rate is lower than in most nations, while nine percent (9%) say it’s about the same. One-in-five (21%), however, are not sure. (To see survey question wording, click here.)  

Forty-four percent (44%) believe lowering the corporate tax rate would help the U.S. economy, but 31% say it would hurt the economy instead. Thirteen percent (13%) think cutting the corporate tax rate would have no economic impact, while 12% are undecided.

The Trump administration is hoping to lower the corporate tax rate from its current high of 39.6% to 15%. Forty-two percent (42%) favor such a plan, but just as many (42%) oppose it. Sixteen percent (16%) are undecided.

Sixty-six percent (66%) of Republicans want to cut the corporate rate to 15%, while 64% of Democrats are opposed. Voters not affiliated with either major party are evenly divided, but 22% of these voters are not sure.

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The national survey of 1,000 Likely Voters was conducted on March 12-13, 2017 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

Trump argues that cutting the corporate tax rate will cause businesses to grow and create jobs. Voters agree with the president’s emphasis on new jobs in his recent speech to Congress. 

Most entrepreneurs recognize that the United States has a higher corporate tax rate and think cutting it will be good for the economy. Most private sector employees and government workers do not agree.

By a 50% to 37% margin, entrepreneurs favor cutting the corporate rate to 15%, a view shared by 41% of those employed in the private sector and 38% of government workers.

Among voters who recognize that the United States has a higher tax rate on corporations than most other nations, 66% favor cutting it to 15%, and 65% say it would be good for the economy. Those who are not aware of the U.S. corporate tax rate are far less likely to support such a cut or to believe the economy would benefit from it.

Eighty-four percent (84%) of voters who Strongly Approve of the job the new president is doing support cutting the corporate tax rate to 15%. Among those who Strongly Disapprove of Trump’s job performance, 72% are opposed to such a cut.

Last August, 54% of all voters were angry at large corporations, but 44% were not. y comparison, 67% were angry at the current policies of the federal government.

Most voters have said for years that government and big business often work together in ways that hurt consumers and investors. Following Trump’s election, voters said he would be an improvement over President Obama when it comes to the handling of small business issues, but they worry that he’ll be too chummy with big business.  

Democrats were much more supportive of the Occupy Wall Street protest movement several years ago than Republicans and unaffiliated voters were. 

Fifty percent (50%) of all voters think Trump will do better than Obama when it comes to protecting U.S. jobs and creating new ones.Thirty-four percent (34%) say the new president will do a worse job in this area than his predecessor.

Trump has vowed to renegotiate NAFTA and other international free trade deals, saying they are costing U.S. jobs and killing the economy. Supporters of the free trade deals including Obama and many leading Republicans say they lower prices for American consumers. By a 73% to 16% margin, however, Americans believe it is more important to keep manufacturing jobs in the United States than it is to keep prices low for U.S. consumers. 

Voters have said for years that tax cuts help rather than hurt the economy. 

Additional information from this survey and a full demographic breakdown are available to Platinum Members only.

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