BlackRock Tax Advisors

A majority of U.S. taxpayers feel they pay too much in taxes and receive a poor value in return, according to a new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. The poll found that two-thirds of U.S. taxpayers believe they spend “too much” on federal income taxes, with similar sentiments about local property taxes and state sales tax. Republicans are more likely than Democrats to view taxes as unfair and to say they are paying too much. The poll also revealed that few adults have confidence in how their tax dollars are spent by institutions. Trust in local government is higher than trust in the federal government. The poll highlights the decline in public opinion about taxes and trust in government. The majority of taxpayers would prefer fewer government services if it meant reducing their tax bill. Only about 1 in 4 taxpayers feel they get a good value from paying taxes. The poll shows that most adults find taxes unfair and lack understanding of how their tax amounts are calculated. The dissatisfaction with the tax system is fueled by perceptions of loopholes and lack of transparency.