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By Kristin Myers, Editor-in-Chief

ICYMI: US Adults Want the Government To Tax the Rich

In case you missed it, 64% of U.S. adults want the government to raise taxes on the richest Americans, according to a new survey from The Balance. When asked about their feelings on the specific Build Back Better (BBB) proposal to raise taxes 5% on those earning more than $10 million, 63% of respondents said they support the measure. The White House has said that raising taxes on the wealthy would lower the deficit, fight inflation, and fund social programs to help those in the U.S. with middle and lower incomes.

Our survey also found that respondents with an annual income of $100,000 or more showed more support for tax measures in the BBB plan than those with incomes of less than $50,000.

Nearly 70% of high-income earners support a 5% increase in taxes on millionaires, and 73% said they're more likely to support closing loopholes on cryptocurrency. Over 70% back increased investment in the IRS so it can pursue tax evaders earning more than $400,000. High-income earners also showed more support for the proposals to tax corporations on foreign profits and companies that buy back stocks from investors.

Earlier this week, President Joe Biden introduced his budget for fiscal year 2023, highlighting his priorities and agenda for next year. The plan includes a "billionaire minimum income tax'' of 20% on incomes higher than $100 million, and would also raise taxes on top earners. The president has said that people in the U.S. earning $400,000 or less wouldn't see an increase in their taxes.

- Kristin

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Off the Charts

The U.S. is uncorking an unprecedented amount of oil from its reserves—but will it be enough to take the sting off higher gas prices? Some experts say it may help some, at least for a little while, though it typically takes time for gas prices to react to lower oil prices. As of Friday morning, the price of oil had fallen about $15 a barrel, or 13%, over the past week, but there'd been little change in a gallon of gas over the same period.

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April is Financial Literacy Month, and The Balance is going on IG live in a series dedicated to your personal finance journey. Join The Balance Editor-in-Chief Kristin Myers with special guests throughout the month of April. Our first IG live event is on April 5 at 3 p.m. EST with Berna Anat, producer, speaker and fin-fluencer. Follow us on Instagram to get updates on The Balance's live events this month!