A new poll asked Americans how much they thought the top 1% of taxpayers account for in total federal income tax paid. The poll found that most Americans want the rich to pay more in taxes but also revealed that Americans have a misconception in how much the top 1% actually pays.
The top 1% of earners account for 42% of federal income taxes paid, however, nearly half of Americans thought they contribute less than 12%.
Here’s how the numbers break down:
- 22% guessed the wealthy accounted for 1%.
- 25% guessed the wealthy accounted for 12%.
- 22% guessed the wealthy accounted for 42%.
- 12% guessed the wealthy accounted for 64%.
- 19% said they were not sure.
According to the poll, one-third of Democrats thought the top 1% pay only 1% of all income taxes. Approximately 77% of Democrats believe the wealthy aren’t paying their fair share and they aren’t alone in wanting the rich to pay more.
In the poll, 54% of participants want top earners to pay higher taxes. However, in response to another question on the same poll, 71% said the rich should be taxed 30% at most.
The current bracket has top earners taxed at a 37% rate.
The responses contradict themselves. The Tax Foundation concluded the contradiction is the result of poor education on how taxes work.
Taxes are often a top issue at the front of presidential campaigns, including in the upcoming 2024 elections. President Joe Biden is campaigning a new wealth tax and former President Donald Trump is promising to extend his tax cuts from 2017.