News-Record.com

The North Carolina Piedmont Triad's top go-to source for News

a service of the News & Record, Greensboro, North Carolina

» Home

Biz Buzz

« Greensboro investor picks up two N.C. apartment properties | Main | A new CEO for TIMCO »

Shocker: Survey shows Americans aren't happy with taxes

The majority of Americans believe the tax system needs major changes or a complete overhaul, according to survey results released yesterday by market-research firm Harris Interactive.

The survey, conducted for the nonpartisan Tax Foundation out of Washington, D.C., found, not surprisingly, that Americans aren't all that pleased with how the government takes their money - and how confusing the tax preparation process can be.

Harris surveyed a cross-section of American adults - ages 18 and up - between March 8 and March 16 of this year and adjusted the results for factors including race, education and household income.

Here's what the market-research group found:

* 80 percent of respondents described the tax system as, at very least, somewhat complex. About 10 percent of respondents weren't sure about the system's complexity.

* 52 percent of respondents, many of them the very people who benefit from deductions, said they'd be willing to give up some deductions in exchange for a more simplified tax system.

* The majority of Americans would be unwilling to pay an additional $2,470 in individual tax - the amount that, all told, could pay off the U.S. budget deficit. Of the 9 percent of respondents who said they'd bite the bullet and pay the tax, 63 percent said they expect that Congress wouldn't actually use the money to pay off the deficit. Instead, these respondents said, Congress would use the added cash to increase spending.

* Americans think they're paying out too high a percentage of their income in tax. The Tax Foundation estimated that the nation's average tax budget was 30.9 percent of income last year. But 43 percent of respondents to the recent survey said they believe the maximum amount individuals should have to pay out on all taxes is between 10 percent and 19 percent. About 22 percent of people said the maximum should be 20 percent to 29 percent. But when the income percentage hit 30 percent, respondents in favor of it dropped into single digits.

* 65 percent of respondents aren't too thrilled with the trade-off they're receiving in terms of government services for tax dollars paid out.

* 63 percent of respondents said all Americans should be required to pay a minimum amount of tax to help fund the government. According to Tax Foundation data, 1/3 of all taxpayers, or 42.5 million Americans, paid no federal income tax after taking deductions and credits.

Comments (1)

To report abuse of the comment feature on this site, please use the feedback form at the bottom of any page.

David said:

This is great info, thanks for posting it. Willingness to give up tax deductions is a big surprise.

Post a comment

Users who post comments to this blog tacitly agree to observe the News & Record Online Service Terms of Use and Content Submission Agreement. Comments which do not adhere to the terms of this agreement may be removed and the submitter may be banned from further participation. Please use the feedback form at the bottom of any page to report abuse of this feature.

ADVERTISEMENT

Search Jobs by Category

ADVERTISEMENT
ADVERTISEMENT

Search

Channels
Font Size
Tools

submit feedback