NC Budget and Tax Center

Big public support for closing corporate tax havens

Word on the street in our nation’s capital is that prospects for a short-term budget deal may be brightening for a package that funds the federal government and replaces some or all of the sequestration spending cuts for 2014. As budget negotiators continue to work on some kind of bipartisan deal, a recent opinion survey conducted by Hart Research Associates may have a lot to say about what this still nascent deal looks like—specifically, the overwhelming popularity of raising new revenues by closing corporate tax loopholes.

Here are some of the poll’s most important findings:

  • Americans overwhelmingly support a budget that raises new tax revenues over a plan that relies solely on spending cuts to address our nation’s fiscal challenges.  Specifically, 58 percent support a budget that increases tax revenue from the wealthy and corporations, while only 36 percent support a budget that does not increase taxes on any American—a 22-point advantage for raising new tax revenues.
  • And by significant margins, Americans see closing tax loopholes for profitable corporations as the best way to raise those revenues, especially in contrast to a plan that doesn’t raise any revenues at all.  Specifically, 67 percent of Americans favor a budget that closes corporate tax loopholes and limits tax breaks for the wealthy, and only 28 percent support a budget that does not increase taxes on any American
  • Healthy majorities support replacing at least half of the sequestration spending cuts with new revenues from closing corporate loopholes.  Specifically, 53 percent support reducing the spending cuts by half and replacing them with new tax revenue from the wealthy and corporations, and only 27 percent want the cuts to go fully into effect—a 26 percent advantage for new revenues.

And support for new revenues spikes even higher when it comes to closing the most egregious tax loopholes, like those that promote shipping American jobs overseas or that those allow hedge fund managers to pay lower taxes than middle class families:

Progressive revenue options polling

These kinds of results make it clear that raising new revenues by closing corporate tax loopholes has strong bipartisan support that Congressional negotiators should consider as they craft a budget deal for 2014.

8 Comments

  1. GOP Rules

    November 22, 2013 at 12:53 pm

    Way to go. You found one more democrat polling machine to spin your views. At least this one is slightly more respected than PPP, but it would be good to see the watch pick a firm that does not almost exclusively work for democrat operatives.

    Now as far as the opinon. Some neutral firm needs to poll this same subject and maybe add some questions related to how the taxes will be used. Are they to be used on ever increasing perks, or will they be used to pay down debt? That would make a big difference in my opinion, but my opinion is never trust DC or Raleigh with OPM because they will always lean to more perks and corruption rather than actually doing what is needed.

  2. ML

    November 22, 2013 at 2:17 pm

    Sucks there are absolutely zero respected conservative polling entities.

  3. ML

    November 22, 2013 at 2:19 pm

    I agree GOP, I don’t trust raleigh either with all the corruption and perks going to political cronies of the popes political hacks.

  4. RJ

    November 22, 2013 at 2:59 pm

    I have noticed an amazing thing about “GOP Rules”: she is an expert on everything. Why, just in the past few days, she’s been a statistician, a climatologist, an oceanographer, a geologist, a hydrologist, a petroleum engineer, a school curriculum expert, a healthcare administration expert, a tax lawyer, and an economist. If there’d been an article on McCrory’s puppy-mill photo op, who thinks she wouldn’t also be an expert in small-animal veterinary medicine?

    It must make her dizzy listening to all those voices in her head.

  5. Alex

    November 22, 2013 at 4:04 pm

    Funny you say that RJ . I’ve noticed the same thing about flynn for a good while ! At least ,she’s not putting her picture on here all of the time.

  6. Alan

    November 22, 2013 at 5:11 pm

    RJ, spot on. It amazes me the lengths the Civitas interns will go to to counter ANY topic that may appear her with their pearls of wisdom. It’s easy to be a full time blogger for Civitas, especially when you don’t have a real job, with real responsibilities. Add to that all the GOP talking points and “facts” handed to you to regurgitate.

  7. Nancy

    November 23, 2013 at 12:45 pm

    The poll should also ask the question: Should our state and federal corporate income tax rules favor foreign-based corporations with US subsidiaries? The answer, I would hope is…NO! But they are favored. What happens when the profits earned by US subsidiaries owned by foreign-based corporations are shifted offshore? Once those US profits leave the US, they are not coming back to be taxed here. There is NO repatriation of US profits – not with a foreign parent. You need to focus on ALL multinational corporations based in the US and those based in other countries that do business in the US.

  8. LayintheSmakDown

    November 23, 2013 at 1:00 pm

    Alan/ML, we are all in the same boat as there are zero respected democrat/liberal polling entities. Basically you cannot trust anyone.