A small number of Americans support President Joe Biden’s $ 2.25 trillion infrastructure plan and advocate increasing corporate taxes to pay for it.
However, the plan is much less popular than the relief bill passed earlier this year and there are growing concerns about the deficit.
The CNBC All-America Economic Survey, a statewide poll of 802 Americans, shows that 36% of the public give the infrastructure plan a thumbs up, compared with 33% who oppose it. The lead is within the poll’s 3.5% margin of error and roughly half the support that Biden’s US $ 1.9 trillion bailout received from Congress in March.
A huge 31% of the public say they don’t know enough to have an opinion and suggest an opportunity for each political party to move forward.
But the Americans overwhelmingly support almost all the details of the plans.
For example, 87% of the public support the plan to repair roads and bridges, while 82% are in favor of increasing wages for elderly caregivers and 78% are in favor of expanding high-speed broadband.
Eight of the nine parts of the plan examined – including repairing the power grid and retrofitting buildings and homes to make them more energy efficient – were supported by more than 70% of the public. The least widespread part – tax breaks and incentives for electric cars and the construction of charging stations – still received a majority of support.
The plan is strongly supported by the Democrats and, as expected, rejected by the Republicans. Independents support the plan with a margin of 32% to 28%, with 40% saying they are not sure.
A nearly 50% majority of the public supports raising corporate tax rates from 21% to 28% to pay for the plan. It is rejected by 42% of the public.
But when 46% are generally asked about a corporate tax hike, they say it’s a bad idea as it would increase wages, cost jobs, and raise prices. About 43% are in favor of the idea that corporate tax hikes should be increased to pay for the plan and because corporations “don’t pay their fair share”.
The poll’s Republican pollster Micah Roberts of Public Opinion Strategies found that only 23% of the public strongly support the plan, compared with 36% overall. He adds that while Americans can support individual parts of the plan, it is being proposed as a whole, making the modest support it receives as the best measure of its overall support.
However, Jay Campbell, the Democratic pollster for Hart Research Associates’ poll, said the support for each part of the plan, as well as the large non-opinion percentage, suggest that Biden can sell the plan.
Another factor at play: deficit concern. The bigger concern for 55% of the public is that the government will over-spend and increase deficits, compared with 32% who are more concerned that the government will under-spend to support the economy.