As congressional committees begin drafting legislation to permanently extend most of the 2017 Tax Cuts and Jobs Act, a new survey shows the majority of Americans want lower taxes, even if that means slashing other government spending.
The Cato Institute/YouGov poll surveyed more than 2,000 Americans about their views on tax policy. The matched down sample was composed of 33% Democrats, 29% Republicans, and 27% Independents, with an almost equal gender ratio.
After learning their taxes could increase by potentially thousands of dollars if the TCJA provisions expire, 85% of respondents supported either temporarily or permanently extending the tax cuts.
If the Trump tax cuts expire, as they are set to do at the end of this year, the average taxpayer will see a 22% tax hike and their guaranteed deduction slashed in half. The child tax credit would also reduce from $2,000 per child to $1,000 per child, The Center Square previously reported.
Republicans are planning to permanently extend most of the tax cuts through the budget reconciliation process, but budget watchdogs have warned it will likely explode the national debt and deficit.
Ordinary Americans are aware of the fiscal risks as well. Ninety-five percent of respondents support cutting at least some federal spending to help balance the budget, and 76% think the government spends too much in general.
Many Republican lawmakers and business advocacy groups have called for repealing the Inflation Reduction Act’s trillions in green energy subsidies to help offset extending the tax cuts. Nearly 60% of poll respondents are in favor of this move if it helps keep their taxes low.
The Cato Institute 2025 Fiscal Policy Poll has a +/- 2.41% margin of error.
