Americans for Prosperity releases key findings from national fiscal cliff survey
Americans are feeling the pinch of the Biden-Harris administration’s $5.5 trillion government-fueled spending spree that drove inflation to a 40-year high. The cost-of-living is at an all-time high, leaving the majority of Americans concerned about the direction of our economy.
Americans need relief from the same old failed policies that crushed their wallets to being with, but relief may not be right around the corner.
Several major tax policies, including the Tax Cuts and Jobs Act (TCJA), are set to expire at the end of 2025, referred to as the “Fiscal Cliff”. Without action from Congress, this Fiscal Cliff will trigger massive tax hikes for millions of Americans already struggling with rising costs and the cumulative 20% inflation caused by the Biden-Harris Administration.
The 2017 Tax Cuts and Jobs Act delivered meaningful tax relief to American workers and families by raising the standard deduction and simplifying the tax code. But if Congress does nothing, most Americans will face higher taxes, worse incentives for work and investment, and a more complicated tax system starting in 2026.
The Tax Foundation estimates that a single parent earning $52,000 could see a tax hike of over $1,400, and a family with two children earning $165,000 could face an additional $2,450 in taxes.
To better understand how voters are grappling with these economic challenges, Americans for Prosperity partnered with Public Opinion Strategies to survey Americans on the upcoming Fiscal Cliff.
A strong majority of Americans in our study – 76%, agree that now is a bad time to increase taxes. And an even stronger 90% of voters said that if Congress had a choice between keeping current tax rates or raising taxes, they would vote to keep the current rates.
As the nation’s premier grassroots organization, Americans for Prosperity is leading the fight, calling on lawmakers to support pro-growth policies that provide economic relief for American workers and businesses.
Key Findings:
• 76% of Voters overwhelmingly say that now is a bad time to increase taxes.
• Voters have heard very little about portions of the Tax Cuts and Jobs Act expiring at the end of 2025.
• Support for keeping the current tax rates is off the charts (90%), and if the tax cuts from the TCJA are NOT extended, voters would view that as a tax increase.
• Voters decidedly say that allowing taxes to increase by not extending the 2017 tax cuts would hurt middle class families, small businesses, American consumers, and the economy.
• Voters agree that we should eliminate some of the tax credits that were passed as part of President Biden’s Inflation Reduction Act as one way to prevent taxes from increasing.
• While voters are divided on increasing tax rates on American corporations from 21% to 28%, they believe this increase will hurt the economy.
Look at the full results of the poll here.
