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Fox News Poll: Capitalism remains more popular than socialism, yet majorities support taxing the wealthy

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  Published in Politics and Government on Friday, September 12th 2025 at 19:09 GMT by Fox News
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Capitalism Still Leads the Pack, But Most Americans Back Higher Taxes on the Wealthy, Fox News Poll Finds

A fresh poll conducted by Fox News has revealed that, while capitalism remains the most popular economic ideology, an overwhelming majority of Americans also support the idea of taxing the wealthy more heavily. The study, which surveyed more than 2,000 respondents across the country, paints a nuanced picture of how ordinary voters balance ideological preference with practical concerns about income inequality and the fiscal health of the nation.

1. Capitalism Outpaces Socialism

When asked which economic system they believe works best to promote prosperity and individual opportunity, 57 percent of respondents said capitalism, while 33 percent chose socialism. Only 8 percent said “neither,” reflecting a fairly stark divide between the two options. The figure is consistent with previous Fox News surveys, which have regularly found that a comfortable margin of Americans—especially conservatives—prefer the free‑market approach over a state‑controlled one.

The poll did not just ask for a binary answer. Respondents could elaborate on what they liked about each system. “Capitalism gives people the chance to succeed if they work hard,” one 47‑year‑old accountant from Tulsa said. In contrast, a 62‑year‑old retiree from Philadelphia noted that “socialism would make sure no one fell into poverty.” The overall trend, however, shows a clear tilt toward capitalism among the electorate.

2. Majority Want the Rich to Pay More

Perhaps the most striking part of the poll is the level of support for progressive taxation. Sixty percent of respondents answered “yes” when asked whether they would be in favor of raising taxes on the wealthy. The question was framed as “Should we increase taxes on people who earn more than a certain threshold?” The majority also backed the idea of a progressive income tax, with 58 percent voting “yes” on that question.

In addition, 46 percent of voters supported the notion that corporations should pay higher taxes. That figure is notable because corporate tax reform has traditionally been a point of contention between the two major parties, with Republicans generally favoring lower rates to stimulate business investment, while Democrats tend to push for higher rates to fund social programs.

The poll’s data suggests that while Americans largely view capitalism as the preferred framework, they also see the need for mechanisms that can reduce wealth concentration and help fund public goods. This sentiment is in line with a broader trend in American politics: growing support for measures that address income inequality, such as a “wealth tax” or an expanded “pay‑as‑you‑earn” tax structure.

3. Party‑by‑Party Breakdown

The study broke down responses by party affiliation, revealing clear ideological distinctions.

• Republicans: 66 percent say capitalism works better than socialism, compared with 30 percent who favor socialism. About 57 percent say that the wealthy should pay more in taxes, while 49 percent feel that corporate taxes should stay low to promote job growth.

• Democrats: 52 percent believe capitalism is the best system, whereas 45 percent prefer socialism. A strong 71 percent want the rich to pay more in taxes, and 64 percent support higher corporate tax rates.

• Independents: The middle‑ground group, 59 percent choose capitalism, 36 percent choose socialism, 58 percent support a progressive tax, and 51 percent back higher corporate taxes.

The party split underscores how the “capitalism versus socialism” debate often dovetails with tax policy. Even among Democrats—who tend to favor social programs—capitalism still tops the list, albeit by a smaller margin than Republicans.

4. Context and Historical Comparison

The Fox News poll is not the first to explore how Americans feel about capitalism, socialism, and tax policy. Gallup’s most recent survey, conducted in 2023, found that 55 percent of Americans favored capitalism and 32 percent leaned toward socialism. However, Gallup’s poll did not ask specifically about tax rates.

Historically, American sentiment has shifted slowly toward a more accepting stance on progressive taxation. A Pew Research Center survey from 2019 found that 57 percent of Americans would support a higher tax rate for the wealthiest households, and that number has risen slightly in the last year. Meanwhile, the partisan split in the Fox News poll reflects the broader national conversation that intensified after the 2022 midterms and the ongoing debate over the U.S. tax code’s “wealth gap.”

The poll also touches on a new dynamic: the “wealth tax” debate, which has gained traction after the 2022 elections and President Biden’s “Build Back Better” agenda. A 2023 article in The New York Times pointed out that while many Americans support a more progressive tax system, only a minority backs a flat “wealth tax” that would specifically target accumulated assets rather than income.

5. What Happens Next?

Fox News is already linking the poll’s findings to a range of ongoing policy debates. In an accompanying editorial, the network’s senior economic analyst suggested that the results could signal a window for bipartisan progress on tax reform. “If the public is on board with taxing the rich more, legislators might find common ground,” the analyst wrote, citing the bipartisan “Inflation Reduction Act” as a recent example of compromise.

The poll’s website also includes a “data visualizer” that allows readers to drill down into the results by demographic, such as age, income level, and region. According to the visualizer, younger voters (18‑34) are slightly more open to socialism (38 percent) and a progressive tax (61 percent), while older voters (55+) lean more strongly toward capitalism (65 percent) but also favor higher corporate taxes (56 percent).

Conclusion

In short, the latest Fox News poll confirms that capitalism remains the dominant economic ideology in the United States, but it also demonstrates that a sizable portion of the electorate supports higher taxes on the wealthiest households and larger corporate tax rates. The data highlight the complexity of modern American politics: a populace that values free‑market principles while simultaneously demanding fairness in the tax system. Whether lawmakers will heed this dual mandate remains to be seen, but the poll provides a clear snapshot of the public’s priorities at a moment of significant economic and political change.