Tags: WalletHub | tax | code | wages

WalletHub Survey: Overwhelming Majority See Tax System as Complex

By    |   Monday, 02 June 2014 02:55 PM EDT

If an important goal of the tax code is simplicity, it's a major failure, according to a survey from personal finance website WalletHub.

More than 80 percent of the survey's 1,086 respondents deem the tax system as complex or extremely complex.

The study also found that:

Editor's Note:
These 38 Dates Are Key to Bagging $313,038

  • A total of 44.2 percent of the respondents think the most just tax code possible would have fewer deductions than exist now.
  • A total of 90.7 percent of the respondents maintain that investment income should be taxed at a rate at least as high as wages. A total of 57.6 percent believe wages and investment income should be taxed equally, while 33.1 percent believe investment income should be taxed at a higher rate than wages.
  • Americans view taxes on wages and gasoline as the least fair and taxes on alcohol and tobacco as the most fair.
  • The respondents see tax fairness (61.2 percent) and tax equality (20.8 percent) as more important than whatever is best for the economy (18 percent).
  • A total of 65.1 percent of respondents want corporations to pay a higher tax rate than individuals do.
  • Only 24.3 percent of respondents favor a flat income tax.

Meanwhile, French economist Thomas Piketty, who has created a global stir with his new book, "Capital in the Twenty-First Century," says the wealthy should pay higher taxes.

"If you have a progressive tax on income and wealth, you have a better sense of who's paying," he tells CNBC. "And you have a better sense of where the money is going, and whether you have an equitable distribution of the burden."

Editor's Note: These 38 Dates Are Key to Bagging $313,038

© 2025 Newsmax Finance. All rights reserved.


StreetTalk
If an important goal of the tax code is simplicity, it's a major failure, according to a survey from personal finance website WalletHub.
WalletHub, tax, code, wages
286
2014-55-02
Monday, 02 June 2014 02:55 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved