Yahoo Finance/Harris Poll: Taxes remain Popular in America

Most Americans are willing to pay their fair share in taxes, but a recent study by Yahoo Finance and The Harris Poll finds many would put their dollars towards improving a struggling economy, too.

  • Americans believe everyone should pay their fair share in taxes.
    • 87% of Americans believe the tax system will experience no change (50%) or become much/somewhat worse (37%) in the next three months.
    • 68% of Americans say the U.S. income tax system should be overhauled in the years ahead to ensure that the richest Americans pay more than they are currently paying in taxes.
    • Support for this strengthens as Americans age. 56% of 18-34 year-olds support this compared to 67% of 35-44 year-olds, 70% of 45-54 year-olds, 79% of 55-64 year-olds, and 74% of those 65+.
    • 43% of Americans feel they pay more than their fair share in income taxes in exchange for what they receive from the government.
    • When they hear about people and corporations that largely avoid paying taxes, 42% of Americans believe those people and corporations are cheating the system.
  • More than half of Americans think the U.S. economy will be worse off in the coming months, but they are willing to put their tax dollars towards fixing it.
    • 63% of Americans think that the national debt will be much/somewhat worse three months from now.
    • More than half (53%) of Americans think that the U.S. economy will be much/somewhat worse three months from now.
    • This is most pronounced among women (57%) and Americans living the Northeast (60%).
    • 68% of Americans are willing to pay more in income taxes if the additional funds collected would be used for lowering the national debt.
  • Americans are not optimistic about the state of government-provided services, but they are willing to put more tax dollars towards improving them.
    • 75% of Americans strongly/somewhat support paying more in income taxes if the additional funds collected would be used to ensure funding for government services, such as healthcare, public education, welfare programs, and infrastructure maintenance.
    • Nearly half (48%) of Americans think the education system will be much/somewhat worse three months from now.
    • 47% of Americans think the COVID-19 pandemic will be much/somewhat worse in three months, and 80% of Americans think the healthcare system will experience no change (41%) or become much/somewhat worse (39%) within the same period.
    • Nearly half of Americans (49%) think public safety will be much/somewhat worse three months from now.

For information on methodology, please contact Dami Rosanwo.

Download the full data here