In a recent survey, more people than not believe that President Trump will lower business taxes, but the same wasn’t true for their own personal taxes. On other critical issues in the news, Americans are torn, but not Trump voters.
As our government acts on repealing ObamaCare, with restructuring our antiquated tax system on deck, Americans who voted for Donald J. Trump continue to support the President. An exclusive survey of 466 Americans by MoneyTips.com reveals a divided nation, yet people on the winning side of the 2016 Presidential Election still think more than six months after Election Day, “In Trump We Trust.”
Says Jennifer Wells Kelber, Assistant Professor in the Department of Economics and Business at Saint Anselm College in New Hampshire, “It seems to me that Mr. Trump is acting to deliver on his campaign promises and that pleases his supporters.”
People who took the online survey in June were asked if they agreed or disagreed with statements about the President’s economic actions and proposals, and to what extent. This first statement concerns a recent decision made by our leader:
SURVEY STATEMENT: I believe President Trump’s decision to withdraw from the Paris climate accord will help the American economy.
Overall, more than half disagreed with this statement, while less than 30% agreed. The breakdown was:
The older a person is, the more likely they were to agree. The only age group with a majority agreeing with the President was the oldest, aged 70+. More than half (51.6%) of these seniors agreed that pulling out of the multinational agreement was good for the economy, while only 35.5% disagreed.
Women disagreed more than men did. More than 55% of the females surveyed disagreed, as opposed to more than 47% of the men. Less than 24% of the women agreed to some extent, as did more than 36% of the men.
However, the President still has the support of his base. Nearly 2/3 (66.5%) of the Trump voters agreed with this statement, while less than 10% disagreed. In contrast, a whopping 88.5% of Clinton voters disagreed, while less than 5% agreed. Over half of the people who didn’t vote for either top candidate, including those who didn’t vote at all, also disagreed with the President’s action.
Adds Dr. Wells Kelber, “President Trump claimed that his decision to withdraw from the Paris Climate Accord would help the United States economy. Yet, a recent AP poll showed that less than one third of Americans support President Trump’s decision and fewer still agree with his reasoning. This opposition is also shared by large U.S. corporations and industry leaders. This concern is justified.”
SURVEY STATEMENT: I believe business taxes will be lower under President Trump.
Like Wall Street, Main Street also feels that business taxes will shrink under businessman Trump. More than 46% of those polled agreed with the statement, while less than 25% disagreed. The data:
Despite the fact that this was about business taxes in general, not anyone’s particular business, the more people earned, the more they were likely to agree. A clear majority of people (57.4%) whose families earned more than $100,000 annually agreed with the statement, while less than 17% disagreed. People with smaller incomes agreed, but not as strongly, with more than 41% in agreement and nearly 29% disagreeing. Meanwhile, Trump supporters kept the faith, with nearly 2 out of 3 (65.2%) agreeing, and less than 7% disagreeing.
SURVEY STATEMENT: I believe my personal taxes will be lower under President Trump.
Surprisingly, despite the President’s proposal to cut personal tax rates, less than 26% agreed, while 46% disagreed, and nearly 29% neither agreed nor disagreed. The results:
Says Dr. Michael Zey, Professor of Management at Montclair State University’s Feliciano School of Business in New Jersey, “According to this survey, 46% of Americans polled think that what the Trump administration labels a ‘tax cut’ bill will actually increase their taxes. The President should follow Reagan’s example and take his case directly to the American people to explain why he believes tax cuts for individuals and business will boost the economy just as they did in the 1960s.”
Higher-income people tended to agree more than lower-income people did. For those with annual family incomes greater than $150,000, 40% agreed to some extent as compared to less than 32% disagreeing. Below that income level, less than 24% agreed overall, while 48% disagreed.
Trump supporters believe in their leader’s ability to get the job done: more than 55% agreed, with more than 20% strongly agreeing that the president would cut their taxes. Less than 13% disagreed, including just 1.8% disagreeing strongly.
SURVEY STATEMENT: I believe my family’s health care would be better under the TrumpCare bill passed by the House of Representatives than it is now.
As the Senate debates its own ObamaCare repeal bill, Americans worry about getting coverage their families need at an affordable price. The results:
Overall, half the people surveyed disagreed with the statement, and less than a quarter (23.2%) agreed. Of the people who disagreed, nearly 8 out of 10 (79.4%) disagreed strongly. A majority of females disagreed (54.1%), with 20.8% agreeing. Men had more faith in the legislation: more than 45% disagreed, while 27% agreed.
But Trump supporters bucked the tide and backed their man, with over half (51.8%) agreeing, and less than 8% disagreeing. Hillary Clinton voters were diametrically opposed: only 5.1% agreed, while a whopping 87.8% disagreed. Over half of the people who didn’t vote for either Republican or Democrat, including those who didn’t vote at all, also disagreed with the statement.
Concludes Dr. Wells Kelber, “In President Trump’s first 5 months in office we have seen him promote policy that is often widely at odds with the values and wishes of the majority of Americans. Three of these policy issues subject to major changes under the Trump administration include climate change, taxes, and health care.”
Says sociologist Zey, author of many books including Ageless Nation, “Trump ran for president on issues such as lowering taxes, fixing health care, and pulling the US out of or renegotiating what he considers international ‘bad deals’ that he claimed negatively impact American jobs and the US economy, such as TPP and the Paris Climate Accord. Throughout his campaign, he promised his supporters such actions would jumpstart the US economy. So it’s not unexpected that his voters would support his actions in these areas. In other words, they feel positively toward the survey’s issues not because they support Trump. Rather, they supported Trump because of his stand on these issues.”
Do you believe President Trump’s policies will affect your retirement savings and Social Security? Let the free Retirement Planner by MoneyTips help you calculate when you can retire without jeopardizing your lifestyle.
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