Poll: Finance Professionals Want to Both Lower Taxes and Cut National Debt

By:
Chris Gaetano
Published Date:
Aug 16, 2017
TaxWorry

A recent survey of 94 senior finance professionals has found widespread support for reducing taxes in many different areas, but also for reducing the national debt, according to Accounting Today.

The poll, conducted by the Institute of Management Accountants, found that two-thirds of respondents were in favor of cutting the corporate tax rate from 35 to 15 percent, and eliminating the Affordable Care Act's 3.8 percent tax on investment income, thus reducing total capital gains from 23.8 to 20 percent. Nearly half, 40 percent, were in favor of lowering the U.S. tax on foreign income for multinational corporations or even eliminating it entirely, though 71 percent said such a thing wouldn't affect their company. Outside the corporate arena, more than two-thirds want to collapse the number of individual tax brackets from seven to three, and 69 percent want to double the standard deduction. But it's not all cuts: 47 percent also think there should be a tax on carbon emissions, and 42 percent said all individual tax deductions should be eliminated except for mortgage interest and charitable giving. 

On the other hand, more than half of the respondents said that reducing the national debt was extremely important while 31 percent said it was very important, making the total number of people wanting to reduce the debt about 80 percent. Despite desiring to cut one of the taxes funding it, they also generally favored keeping the Affordable Care Act. 

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