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Recent Editions
Accountancy Slice
North America
A new Bloomberg News/Morning Consult poll reveals that 69% of registered voters in seven swing states support higher taxes on billionaires and higher income taxes on individuals earning over $400,000 a year. This widespread support for taxing the rich is seen across party lines, with 58% of Republicans, 83% of Democrats, and 66% of independents approving the idea. The preference for taxing billionaires has grown from a fringe idea to a centerpiece of President Joe Biden's economic policy, which also includes raising the current 21% corporate rate. However, despite this support, swing state voters trust former President Donald Trump more to handle tax policy. The poll also found that half of swing state voters like Mr. Trump's idea of imposing tariffs on imports. The support for populist-inspired tax policy could impact debates in Congress next year, particularly regarding the extension of Mr. Trump's tax cuts. Additionally, increasing the cap on state and local tax (SALT) deductions is likely to be a key tension point in Congress.
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