President Joe Biden has managed to get the G7 countries (Great Britain, France, Germany, Canada, Italy, Japan and the U.S., the seven richest countries in the world) to agree on setting a 15% minimum tax on multinational corporations and moving ahead with an attempt to get other countries on board. The proposal is seen as a way to ensure corporations don’ t try to evade taxes.
The next step will be seeking approval from the G20 (a group that includes China and Russia) this fall. The U.S. public is definitely supportive of this initiative (58%), and that support crosses party lines. Three-quarters of Democrats (73%) and 55% of Independents support a 15% minimum tax on corporations to prevent them from avoiding taxes by setting up their headquarters in countries with low tax rates.
Among Republicans, traditionally in favor of low taxes, support is just nine percentage points higher than opposition (44% vs 35%).
Biden’s approval rating for his general handling of the issues of taxes and spending is divided among Americans overall: 43% approve, 42% disapprove. Three in four Republicans (77%) disapprove, while 16% approve.
Methodology: The Economist survey was conducted by YouGov using a nationally representative sample of 1,500 US Adult Citizens interviewed online between June 6 - 8, 2021. This sample was weighted according to gender, age, race, and education based on the American Community Survey, conducted by the US Bureau of the Census, as well as 2016 Presidential vote, registration status, geographic region, and news interest. Respondents were selected from YouGov’s opt-in panel to be representative of all US citizens. The margin of error is approximately 2.8% for the overall sample.
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