ABOUT HALF OF AMERICANS KNOW ABOUT TAX INVERSIONS, NO SIGNIFICANT PARTISAN SPLIT ON AWARENESS There were no major differences between parties when respondents were asked for their awareness on tax inversions. Democrats, Independents, and Republicans had similar levels of awareness, polling at 52, 47, and 51 percent respectively with a lot or some knowledge.
Awareness slightly increased as respondents reported higher education levels. Forty-five percent of voters without a college education have heard of tax inversions, compared to 55 percent of those with a bachelor’s degree and 70 percent of voters with a post-grad degree.
OVER TWO-THIRDS MAJORITY OF ALL PARTIES DISAPPROVE OF TAX INVERSIONS
Although knowledge of tax inversions was limited to about half of those surveyed, when asked if respondents approved of companies seeking lower tax rates by becoming a subsidiary of a foreign company, more than two-thirds said they disapproved. The majority of Democrats, Independents, and Republicans disapprove of tax inversions, polling at 86, 80, 69 percent respectively.
Disapproval was consistent despite education level. Nearly 8 in 10 respondents across all education levels disapprove of tax inversions. Those with a post-grad degree had the highest intensity of disapproval, with 47 percent indicating that they ‘strongly disapprove’ of tax inversions. This was 10 percentage points higher than other education levels.
PLURALITY OF VOTERS DISAPPROVE OF ABBVIE ACQUISITION FOR LOWER TAXES
Pluralities across all parties said they ‘strongly disapprove’ of AbbVie Inc.’s acquisition of a foreign company, which allowed it to move its headquarters overseas and reduce its overall tax rate. Forty-five percent of Democrats, 44 percent of Independents, and 36 percent of Republicans strongly disapprove of this acquisition.
Disapproval ratings show little differentiation across education levels. Sixty-five, 66, and 67 percent of respondents, respectively, disapprove at varying intensities of AbbVie Inc.’s actions as education levels increase.
TAX REFORM SEEN AS BEST OPTION TO MAKE U.S. MORE ATTRACTIVE TO BUSINESSES
A majority of Republicans, 56 percent, believe Congress should overhaul its tax code to make the U.S. more attractive to businesses. Forty-seven percent of Independents also desire reform. A plurality of Democrats also prefer an overhaul of the tax code, but also consider making tax inversions more difficult to enact and ending them altogether as viable options. Those options polled at 30, 31, and 33 percent, respectively.
A plurality of respondents from each education level agree that the U.S. tax code needs an overhaul. As we move from voters with less than a college degree, those with a bachelor’s degree, and those with a post-grad degree, our poll results show 43, 50 and 44 percent preference for this plan.
This poll was conducted from July 25-27, 2014, among a national sample of 1,752 likely 2014 voters. The interviews were conducted online and the data were weighted to approximate a target sample of likely voters based on age, race/ethnicity, gender, educational attainment, region, annual household income, home ownership status and marital status. Results from the full survey have a margin of error of plus or minus 2 percentage points.
Summary Memo Data: http://bit.ly/taxinversion