Posted on | February 27, 2012 | Comments Off on Popularity Of Millionaire Tax
Polls show the millionaire tax and spending cuts are popular.
In general, people are in favor of President Obama’s proposal to increase millionaires’ taxes, but are still more in favor of spending cuts, as shown by an Associated Press-GfK poll. This gives Republicans an advantage over Democrats in the ongoing battle over the economy.
The poll shows that while the President’s proposed millionaire tax is generally popular, the plan does not effectively change the partisan views of public towards the $1 trillion yearly deficit.
Republican and retired New Jersey Mike Whittles said in support of the tax proposal, “Everybody should be called to sacrifice.” Still, Whittles said, he’d prefer spending and government waste reduced first.
Obama’s plan to impose at least a 30 percent income tax for millionaires was favored by 65 percent of the people polled by AP-GfK, while only 26 percent were opposed.
However, 56 percent as opposed to 31 percent approved of cuts in government spending rather than higher taxes — a small shift from the previous year’s poll.
Overall, people had a more optimistic view of Democrats than Republicans and positivity towards Obama as the presidential election approaches. Democrats received 54 percent favorable responses while Republicans had only 46 percent, corresponding with the results of a January 2011 poll.
Obama’s plan has little chance of passing in Congress despite Democratic support. Still, the proposal unifies Democrats in their opposition to GOP plans to lower top income earners’ taxes.
The 2012 taxes proposal was nicknamed the Buffet Rule since billionaire Warren Buffet is a supporter of higher taxes for the wealthy. The wealthy GOP candidate Mitt Romney released his tax returns to show he paid 15 percent.
Nearly two-thirds of independents and two-fifths of Republicans approve of Obama’s proposal. In addition, 60 percent of whites and 50 percent of conservatives back the plan, groups who generally support the GOP, and also 60 percent of those who earn more than $100,000 a year.
- Extension On Payroll Tax Cuts Made Because Of Rare GOP Offer (2012taxes.org)