Personal Finance
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A near record-low number of Americans feel their income taxes are “fair” this season

As the old adage popularized by Benjamin Franklin reminds us, nothing in life is certain except death and taxes, though that doesn’t mean that anyone’s ever been thrilled about either. Now, with this year’s IRS filing deadline tomorrow, a near record share of Americans say their income taxes are “not fair” this season, per recent Gallup polling.

According to the survey from March, just 46% of Americans said they felt that the income tax they’ll pay this year is “fair” — just above the record low of 45% set in 1999. Meanwhile, half of respondents said that they felt the exact opposite, with that cohort having risen steadily from the 35% mark seen as recently as 2017. Some 59% of respondents said that the amount of income tax they pay is “too high,” with a record 58% saying that lower-income people pay “too much.”

Taxes perception chart
Sherwood News

With America’s rising perception of unfairness likely tied to rising prices and inflation observed more broadly in recent years, according to Gallup analysis, if President Trump isn’t able to extend tax cuts that are set to expire at the end of this year, the 2026 results might be even less positive.

According to the survey from March, just 46% of Americans said they felt that the income tax they’ll pay this year is “fair” — just above the record low of 45% set in 1999. Meanwhile, half of respondents said that they felt the exact opposite, with that cohort having risen steadily from the 35% mark seen as recently as 2017. Some 59% of respondents said that the amount of income tax they pay is “too high,” with a record 58% saying that lower-income people pay “too much.”

Taxes perception chart
Sherwood News

With America’s rising perception of unfairness likely tied to rising prices and inflation observed more broadly in recent years, according to Gallup analysis, if President Trump isn’t able to extend tax cuts that are set to expire at the end of this year, the 2026 results might be even less positive.

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200M
Rani Molla

Amazon Prime now has 200 million shoppers in the US, up 6% from last year, according to new data from Consumer Intelligence Research Partners. However, that doesn’t mean there are 200 million Prime subscriptions — which go for $139 a year — since multiple people in a household can share the same membership. Amazon recently added free same-day grocery delivery for many Prime subscribers, in hopes of getting more Americans to fork over that annual fee.

Windup man

Long-term unemployment in the US has risen to a postpandemic high

The number of Americans who’ve been unemployed for over 27 weeks hit 1.9 million in August.

$17B
Rani Molla

Elon Musk’s $1 billion purchase of Tesla shares sent the stock soaring this morning — along with his personal wealth. Bloomberg’s Matt Levine calculated that the share price rise thanks to Musk’s purchase was enough to raise the total value of his stock by $17 billion.

However, as Levine also pointed out, it’s not as if Musk will realize that gain any time soon:

If you could spend $1 billion to make yourself $17 billion richer, and then cash out that $17 billion, that would be an amazing trade and you should do it all day long. But in practice, if buying $1 billion of stock makes your stock go up by $17 billion, then selling that $17 billion of stock will make your stock go down by much more.

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