The Republican Party’s midterm election campaign centered on significant tax reductions for the wealthy and corporations, cleverly masked as eliminating taxes on tips and Social Security. Despite their hopes to deceive the public, experts cautioned them even before these tax cuts were enacted. They argued that the strategy of relying on tax returns would likely fail because inflation would negate any benefits seen in tax returns.
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The conflict with Iran has driven gas prices to a peak not seen in five years, sparking comparisons to the energy crisis of the 1970s. Consequently, voters have largely dismissed the notion of no taxes on tips with indifference, and the exemption of taxes on Social Security has evoked a similar response.
What is unfolding is more troubling than a mere failed campaign strategy.
The American public is increasingly rejecting the Republican Party’s tax policies.
The latest Washington Post-ABC News-Ipsos poll found:
Americans disapprove of his handling of the situation with Iran by 66 percent to 33 percent. His rating on the economy has declined by seven points, to 34 percent, as gas prices have spiked. His approval rating on inflation has fallen five points in that time to 27 percent and his lowest rating comes on perceptions of his handling of the general cost of living, with 23 percent approving vs. 76 percent disapproving.
The Republican campaign was intended to focus on immigration and taxes, but Trump is viewed negatively on both fronts.
Regarding taxes, only 38% of Americans approve of Trump’s handling, while 61% disapprove, resulting in a net approval rating of (-23) on taxes. This high disapproval indicates that Americans are no longer fooled by tax cuts favoring the wealthy, leaving only minimal benefits for others—a strategy the Republicans have employed for decades.
The tactic is faltering. Many now realize that what has trickled down are merely higher costs. By pushing Republican economic policies to an extreme, Trump has inadvertently exposed the misleading nature of the Republican tax strategy to the American public.
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