Americans tend to think U.S. corporations aren't taxed enough, but most favor lowering the tax rates on corporations in exchange for limiting their deductions.
A new Rasmussen Reports national telephone survey finds that 42% of American Adults believe corporations pay too little tax, while 24% feel they pay too much. Seventeen percent (17%) say the level of corporate taxation is about right. Sixteen percent (16%) are not sure. (To see survey question wording, click here.)
With so-called corporate tax loopholes a likely target in upcoming budget negotiations, 59% think it is better to have lower corporate tax rates and very few deductions than to have higher tax rates and lots of deductions. Just 16% favor higher rates and lots of deductions, but one-in-four (25%) are not sure which is better.
Changes in the tax code are likely as Congress debates ways to cut the federal deficit, and 64% of Americans also prefer lower tax rates and very few deductions for individuals rather than higher rates and lots of deductions.
Seventy-nine percent (79%) of adults recognize, however, that when corporations pay more in taxes, they generally pass the costs along to their customers in the form of higher prices. Only eight percent (8%) don’t believe that’s true, while 13% are undecided.
Thirty-eight percent (38%) correctly recognize that the tax rate currently paid by corporations in the United States is higher that the rate paid by corporations in most other industrialized countries. Thirty percent (30%) think the U.S. tax rate is lower than in most other industrialized nations, and five percent (5%) believe it’s about the same. A sizable number (27%) of Americans are not sure.
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The national survey of 1,000 Adults was conducted on August 18-19, 2011 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.
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