Most Americans oppose Harris’s plans to tax the unrealized capital gains of wealthy Americans and believe the tax will eventually be levied on middle class taxpayers as well.
WHY IT MATTERS
The election may come down to who voters trust more on the economy. Harris’s “wealth tax” has superficial support but that support falls apart once Americans understand how the new tax would work.
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Cutting Taxes and Federal Spending are Trump’s Most Popular Policies
- 84% of Americans support eliminating taxes on social security benefits (60% strongly support it).
- Eliminating taxes on tips is supported by 74% of Americans (49% strongly support it).
- Cutting federal spending is supported by 77% of Americans (49% strongly support it).
Cracking Down on Price-Gouging and Raising Taxes on the Wealthy Are Harris’s Most Popular Policies
- 82% support cracking down on price gouging (64% strongly support it).
- 71% support raising taxes on wealthy American individuals (45% strongly support it).
Unrealized Capital Gains Tax is Most Effectively Described as a Tax on Savings and Investment
- We tested four different names for Harris’s tax on unrealized capital gains.
- 61% support a “wealth tax”, which is consistent with the modestly high support for raising taxes on wealthy Americans.
- 50% oppose an “unrealized capital gains tax,” with 26% saying they don’t know.
- 61% oppose a “national property tax,” with 19% saying they don’t know.
- 64% oppose a “savings and investment tax,” with 13% saying they don’t know. This name has the highest total opposition and strong opposition of the options tested.
Plurality Oppose Harris’s Plan to Tax Unrealized Capital Gains of the Wealthy
- 40% support Harris’s plan to tax the unrealized capital gains of wealthy Americans, while 47% oppose it.
- There is an age divide, with a plurality of Gen Z and Millennials supporting the plan, while a plurality of Gen X and most Baby Boomers oppose it.
- 50% believe that Harris would try to apply the tax to middle class Americans and small businesses if she were elected, including 46% of swing voters.