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Economy

Rasmussen Poll: Huge majority of Americans think capitalism is better than socialism

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In a recent poll, Rasmussen found that 65% of American voters prefer capitalism to socialism, saying it’s a “better system.”

However, those in the minority tended to be in the 18-39 age range. 31% of those under 40 prefer socialism to capitalism, according to the poll. Meanwhile, 21% of respondents could not decide which of the two is better.

Democrats were split almost down the middle on the question. According to the poll, 46% prefer capitalism, while 31% prefer socialism and 21% are undecided. Even those who self-identified as liberal split 39% for capitalism, 37% for socialism, with an undecided 25%.

When it came to understanding America’s current economic system, voters were split. 28% of people thought America had a generally free market economy, 33% thought it was a partially free market economy, 23% thought it was a partially socialist economy, 7% thought it was a generally socialist economy, leaving 9% unsure.

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Economy

Americans are paying the highest taxes and largest share of GDP ever

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“People are now paying more in total income taxes than ever, even considering the 2017 tax cuts signed by former President Donald Trump. And they will be paying significantly more when elements of those tax cuts expire in 2025” according to the Congressional Budget Office (CBO).

The Washington Examiner reports on the CBO’s analysis that the Treasury expects a 28% surge in individual income taxes this year. The analysis was presented to Congress on Thursday, and explained more income taxes are ahead in 2025 after the Trump tax cuts expire.

“Receipts from individual income taxes — the largest source of federal revenues — rose sharply in 2021 and are projected to do so again in 2022 as the economy recovers from recession and temporary provisions enacted in response to the pandemic expire. Those receipts are projected to rise again after 2025 because of the scheduled expiration of some provisions of the 2017 tax act,” read the report.

“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorized the federal government to begin collecting income taxes,” said the report.

Additionally, the CBO stated that the overall federal revenue is expected to reach a record $4.8 trillion in 2022, a 19% one-year increase. “The strong revenue growth in 2021 and 2022 results mostly from large increases in collections of individual income taxes. Total revenues in 2022 are projected to equal 19.6% of the nation’s gross domestic product — the largest annual revenues relative to the size of the economy since 2000.”

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