Support rises for Trump tax cuts among American public, businesses

In the two months since its passage, public support for the Tax Cuts and Jobs Act (TCJA), has risen steadily according to a SurveyMonkey poll for The New York Times.

According to the survey conducted between February 5–11, a majority of Americans, 51 percent, now support the law.  Forty-six percent, however, remain opposed.

Polls taken in December and January indicate a steady rise in support for the bill which dramatically cut the corporate tax rate:  In December, 37 percent expressed approval, while that number rose to 46 percent in January.

The survey also showed 89 percent of registered Republicans support TCJA, while 19 percent of Democrats polled say they endorse the tax cuts, up from 8 percent in December.

“Public opinion is moving in the direction of this bill.  Considering where it was, it is dramatically different,” said Jon Cohen, chief researcher with SurveyMonkey.

Since the bill’s enactment in December, businesses have awarded bonuses to white and blue-collar employees, employers have increased contributions to employees’ 401(k) plans, major corporations have repatriated formerly off-shored manufacturing and numerous Fortune 500 firms have announced plans for massive capital and infrastructure investments in the U.S.

Despite TCJA’s rising popularity, Democratic lawmakers have spent months assailing the tax cut as a corporate giveaway, a boon for the wealthy and abandonment of the middle class.

House Minority Leader Nancy Pelosi (D-Calif.), who has has often referred to the tax bill which returns an average of $1,610 in 2018 per American household as a “tax scam,” called TCJA “unpatriotic” during a town hall meeting in Texas on Tuesday.

Earlier this year, Pelosi labeled bonuses, some of which reached as much as $2,000, to employees as “crumbs.”

Reacting to the news and celebrating a strengthening economy, President Trump tweeted Tuesday:

In concert with the Times poll, a CNBC/SurveyMonkey survey revealed confidence among small business owners has risen to all-time highs.

In its first poll since TCJA’s passage, CNBC’s Q1 Small Business Confidence Index witnessed a jump in confidence from 57 percent to 62 percent, the largest quarterly move since CNBC began polling the measure.

Despite Republicans seeing the successful bill as central to preserving its majority in both houses of Congress in the 2018 mid-term elections, a POLITICO/Morning Consult poll released Wednesday shows only 37 percent of registered voters with a job have seen an increase in their paycheck since TCJA went into effect, with most of the raises going to those who make over $100,000 per year.

 

Editor’s note: This article has been updated.

 

[New York Times] [NPR] [NTK Network] [Fox News] [CNBC] [Photo courtesy NBC News]