Your Money, Your Future
Your Money, Your Future

Americans don't know if the new tax code will be good or bad for them, poll finds

Key Points
  • Nearly 60 percent of Americans say they don't know how the new rules will impact them.
  • Still, strong opinions about the law abound.
KasiaJanus | Getty Images

The majority of Americans don't know whether the new tax code will help or hurt them.

Meanwhile, nearly one-in-five Americans say they'll be sending less to Uncle Sam next year, while 9 percent forecast a bigger bill, according to a new Gallup survey.

"It's too early for many to tell what the impact will be down to the dollar," said Frank Newport, editor-in-chief of Gallup.

Despite the uncertainty, strong feelings about the new rules have already formed.

A little more than half of Americans say they disapprove of the change, while nearly 40 percent favor it.

Support for the legislation also varies widely by party.

Nearly 80 percent of Republicans approve of the new tax law, compared with just 15 percent of Democrats.

"Republicans say, 'Yes, they passed that big tax law so I'm happier'," said Newport. "Democrats just tell a pollster, 'No, I don't like it. It's associated with Republicans.'"

A majority of Americans said they now believe middle-income people are paying their fair share of taxes.

However, 62 percent said upper-income individuals are not taxed enough, and 66 percent said corporations should be paying more, the survey found.

Gallup interviewed more than 1,000 adults between April 2 and 11. The margin of error is plus or minus 4 percentage points.

More from Your Money, Your Future:
These red flags could trigger a tax audit
Use these planning tactics now to juice your 2018 tax savings
If you can't pay what you owe the IRS by Tax Day, here's what to do