Nearly three-fourths of U.S. registered voters believe that passing tax reform should be the top or an important priority for Congress, according to a new survey conducted by Morning Consult for the Financial Services Roundtable. Among potential legislative priorities, only passing an infrastructure bill outranked tax reform as a top or important priority, the survey found. Tax reform was rated by more people as a top or important priority than entitlement reform, health-care reform and immigration.
Almost nine in 10 said that simplifying the U.S. tax code is important — representing majorities in both parties and among all demographic groups. More than two-thirds said the tax code has too many loopholes and is too complex, and just 29 percent said it is fair to businesses. A plurality of 45 percent said that tax reform should level the playing field and not impose industry-specific taxes; 30 percent disagreed and 26 percent said they didn’t know or had no opinion.
The poll also asked Americans about specific tax reform elements. By a more-than-two-to-one margin, voters supported continued interest deductibility. Americans also supported keeping the mortgage interest deduction, providing low-income community development tax credits and lowering business tax rates. View ABA’s core principles for tax reform.