Study Says Americans Not Happy With How Much Income Tax They Paid This Year

According to a Gallup poll conducted in April, nearly 60% of Americans say their federal income taxes are too high, a level last seen in 2001.

The latest percentage is up 6% compared to a year ago and 15 points from the recent low measured in 2018 and 2019, the poll, whose results were published on Friday, noted.

A new high of 51% said their income taxes are not fair, and an increasing number of respondents told Gallup that the federal income tax was the worst — or least fair — tax, edging out the local property tax.

Still, about 36% of those polled said their federal income tax payments were "about right," while 3% said they were "too low."

About 46% of respondents regarded their income taxes as fair, the lowest since 1999. 

The Gallup report further pointed out that lower and middle-income Americans, particularly Republicans, may be incorrectly thinking they are paying a higher income tax rate under President Joe Biden than before he took office. 

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It also said that it was possible that "Americans' income tax bill is higher than in the past because they have moved to a higher income tax bracket due to income gains."

The report said that only one-third of Republicans agreed that their income taxes this year were fair.

In 2020, 56% of political independents told Gallup their taxes were fair, and that percentage fell to 45% a few years later. Among Democrats, 63% said their taxes were appropriate, a figure that was virtually unchanged over that span.

The poll came as President Biden's Fiscal Year 2024 Budget proposed a series of significant tax increases, totaling nearly $4.7 trillion, aimed at businesses and high-income individuals. 

Critics argue that the Biden administration's tax proposals will weaken U.S. tax competitiveness internationally and could negatively impact economic growth.

Now Read: Higher Taxes In Store? Biden Hints At Hikes For Super-Rich But Promises No Increase For Those Earning Below $400K

Photo: Towfiqu Barbhuiya via flickr