Most Americans have given a thumbs down to President Donald Trump’s tax plan saying it would mostly benefit the wealthy.
According to a new ABC News/Washington poll, 60 percent say the plan favors the rich – including six in 10 of the wealthy themselves.
The sampling of 1,005 adults showed that Americans oppose the tax plan by a 17-point margin.
Overall, 55 percent of American adults don’t support the plan and 33 percent do support it. The remaining 17 percent are undecided.
Most Americans have given a thumbs down to President Donald Trump’s tax plan (pictured, Thursday unveiling the new tax plan) saying it would mostly benefit the wealthy
Overall, 55 percent of American adults don’t support the plan and 33 percent do support it. The remaining 17 percen, are undecided (Pictured, Speaker of the House Paul Ryan, left, and Trump on Thursday unveiling the new tax plan)
One of the overarching criticisms of the new plan is that it would benefit the rich, with 60 percent of those polled agreeing. Just 13 percent think it favors the middle class, two percent say it favors the poor, and 17 percent say all groups are treated equally.
Even among those with incomes of $100,000 or more, 61 percent think the plan chiefly will benefit the wealthy.
Support for the Trump plan peaks at 75 percent among Republicans and those who approve of his job performance overall in the poll, produced for ABC by Langer Reseacher Associates.
But opposition hit a high of 79 percent among Democrats and 78 percent among Trump disapprovers.
House Republicans released their long-awaited legislation to overhaul the tax code on Thursday, proposing major cuts to corporate and individual tax rates.
The 429-page bill, titled the Tax Cuts and Jobs Act, represents the beginning of the GOP’s fight to rewrite the tax code for the first time in more than 30 years.
Support for the Trump plan peaks at 75 percent among Republicans. Meanwhile, opposition hit a high of 79 percent among Democrats
Even among those with incomes of $100,000 or more, 61 percent think the plan chiefly will benefit the wealthy
The bill, unveiled by GOP leaders on Thursday, would slash the corporate tax rate from 35 to 20 percent and reduce income-tax rates for most families and individuals.
It would also eliminate some tax deductions for businesses and households, while repealing the estate tax assessed when someone dies and their heirs inherit property or other assets worth over $5.49million.
The bill also puts Americans into five tax brackets at zero, 12 percent, 25 percent and 35 percent tax rates, with top earners continuing to pay 39.6 percent of their income.
‘The Tax Cuts and Jobs Act will simplify the code so you can file your taxes on a form the size of a postcard,’ Speaker of the House Paul Ryan said on Thursday, a pledge Republicans have been making for months.
Ryan, a Republican from Wisconsin, also claimed the plan would save $1,182 for the average family of four.