Taxpayers Divided on Tax Fairness

U.S. taxpayers have sharply contrasting opinions on the fairness of the various taxes they are forced to pay, according to a new survey.

Consumer finance site WalletHub has released the results of its 2014 Tax Fairness Survey, which polled taxpayers about the complexity of the Tax Code, the structure of the income tax, and the fairness of taxes on everything from investment income and corporations to alcohol and tobacco.

In a strong rejection of the current Tax Code, 90% of the survey respondents said they believe income from investments should be taxed at least as much as wages.

The survey also found that Americans ranked tax fairness (61.23%) and tax equality (20.81%) as more important than whatever is best for the economy (17.96%).

The survey respondents also view taxes on wages and gasoline as least fair, while taxes on alcohol and tobacco seen as most fair.

Nearly two-thirds of respondents (65.10%) said they believe corporations should face higher tax rates than consumers. Less than one quarter (24.31%) of respondents to the poll indicated they support a flat income tax. More than 80% of respondents rated the current Tax Code as either “complex” or “extremely complex.”

For the complete report, visit  http://wallethub.com/edu/tax-fairness-survey/4171/.

Michael Cohn is the editor-in-chief of AccountingToday.com.

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