A new poll shows the majority of Americans—including those on the low end of the income spectrum—are against hiking taxes for those making more than $250,000.
The McClatchy-Marist poll found 52 percent of registered voters favored keeping the 2001 and 2003 tax policies in place for taxpayers of all incomes. McClatchy reports:
Some of the strongest support for extending all of the tax cuts came from some of Obama’s most reliable supporters, such as young voters, minorities and the poor and working class. Young voters ages 18-29 favored tax cuts for everyone by a margin of 69-29, the largest margin of any age group.
Interestingly, “those making less than $50,000 supported tax cuts for all incomes by 53 percent to 41 percent.”
Of course, the current debate isn’t even over tax cuts, but merely keeping current rates in place.
Democrats, meanwhile, are going in the opposite direction, threatening to allow massive tax hikes to occur to make a political point. As Taxmageddon, the $494 billion tax increase that is scheduled to hit individuals and businesses on January 1, bears down, The Washington Post reports that “senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession.”
“Democrats are making increasingly explicit threats about their willingness to let nearly $600 billion worth of tax hikes and spending cuts take effect in January unless Republicans drop their opposition to higher taxes for the nation’s wealthiest households,” the Post reports.
Taxmageddon could indeed cause another recession. Voters don’t want this—they would rather Congress spare all Americans a tax increase. Lawmakers should take note.