Understanding American Frustration with the Tax System

Visualizing the Data

Pallavi Rao from Visual Capitalist brings to light the findings of Pew Research regarding what irks Americans the most about their tax system. The data was gathered from a survey conducted on over 5,000 American adults between March 27 and April 2, 2023. The survey was designed to be representative of the adult population in the U.S. For more information on the methodology, you can visit the Pew Research website.

The Desire for Higher Taxes on Certain Groups

The survey revealed that 60% of Americans believe that corporations and the wealthy are not paying their 'fair share' of federal taxes. This sentiment is not without basis.

Unfair Taxation Practices

A 2021 investigation by ProPublica discovered that some of the richest Americans, who also happen to be among the world's wealthiest individuals, did not pay any federal income taxes in certain years. This is largely due to the way taxes are collected based on the source of income. The top 1% of Americans, who primarily grow their wealth through equity and property, are not taxed until they make a transaction.

The Tax Burden on Wage Earners

As explained in an article by the Brookings Institution, the majority of Americans earn money through wages, which are taxed more heavily than capital income. This results in the tax share of America's highest-income households being often lower than that of middle-income households.

Consistent Findings

Pew Research concluded that their findings have remained essentially unchanged since 2021.

Article by Tyler Durden

This article was written by Tyler Durden and published on May 9, 2024.

What's Your Take?

This article sheds light on the frustrations of Americans with their tax system. It raises questions about the fairness of the current system and whether changes need to be made. What are your thoughts on this issue? Do you believe that the wealthy and corporations should pay more taxes, or do you think the current system is fair? We would love to hear your opinions. Please share this article with your friends and engage in a discussion. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6 pm.