Americans are experiencing financial strain due to the Biden-Harris administration's $5.5 trillion spending, which has led to a 40-year high in inflation. The increased cost of living is causing concern about the economic future.
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." If Congress does not act, this Fiscal Cliff will result in significant tax hikes for millions already struggling with rising costs and cumulative 20% inflation attributed to the current administration.
The 2017 TCJA provided tax relief by raising the standard deduction and simplifying the tax code. Without Congressional action, most Americans will face higher taxes, reduced work and investment incentives, and a more complicated tax system starting in 2026. The Tax Foundation estimates that a single parent earning $52,000 could see a tax increase of over $1,400, while a family with two children earning $165,000 could face an additional $2,450 in taxes.
To understand voter perspectives on these economic challenges, Americans for Prosperity partnered with Public Opinion Strategies for a survey on the upcoming Fiscal Cliff.
A strong majority – 76% – agree that now is a bad time to increase taxes. An even stronger 90% of voters would prefer keeping current tax rates if given a choice between maintaining or raising them.
As noted by Americans for Prosperity: “A strong majority of Americans in our study – 76%, agree that now is a bad time to increase taxes.” Furthermore: “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.”
Americans for Prosperity continues its advocacy efforts: “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.
Key findings from their survey include:
- 76% believe it is currently not advisable to raise taxes.
- Voters have limited awareness about portions of TCJA expiring at end of 2025.
- Strong support (90%) exists for maintaining current tax rates; non-extension of TCJA would be viewed as an increase.
- Increasing taxes without extending TCJA cuts would harm middle-class families, small businesses, consumers, and overall economy.
- There is agreement on eliminating some tax credits from President Biden’s Inflation Reduction Act as one measure against increasing taxes.
- Voters are divided on raising corporate tax rates from 21% to 28%, believing it could hurt the economy.
Full poll results can be reviewed here.
