AP Poll Shows That Americans Prefer Spending Cuts To Tax Increases On Rich
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
More Americans are in favour of their government cutting down on its spending to balance the national budget rather than trying to do so by increasing the tax rate for the wealthy, revealed an Associated Press-GfK poll on Friday, as Republican and Democratic politicians continue to debate over the merits of either move.
More Americans are in favour of their government cutting down on its spending to balance the national budget rather than trying to do so by increasing the tax rate for the wealthy, revealed an Associated Press-GfK poll on Friday, as Republican and Democratic politicians continue to debate over the merits of either move.
The survey discovered that while more than 65 percent of Americans supported President Barack Obama’s plan to increase taxes on citizens earning more than $1 million, 56 percent of respondents had indicated that cuts in government spending should come before higher taxes for the rich.
Related: Obama To Unveil Budget Plans: $901B Deficit and Tax Hike in Store
Related: A Pro-Business Democrat? Obama Proposes Corporate Tax Cut
“Everybody should be called to sacrifice. They (the rich) should be in the pot with the rest of us,” said 62-year-old Mike Whittles, a Republican who had expressed support for Obama’s tax proposal. Still, cutting government spending should come first, Whittles added, as there was too much federal waste going on, with “too many rules, too many regulations.”
On the positive side for Democrats, the poll found that more people had a positive view of Democrats than Republicans, with 54 percent polled giving Democrats a favourable rating while only 46 percent gave similar ratings to Republicans.
Despite this, Republicans had an advantage over Democrats on issues related to the national budget deficit, with the same respondents indicating that they would trust Republicans with these issues more than Democrats.
The GOP also managed to score a win over the Democrats in issues related to national defence. Peoples’ trust in the two parties was also about even for matters in regards to handling the economy, taxes and job creation.
Related: Infographic: The US Debt Ceiling Crisis – Local Politics, Global Implications
Related: Infographic: America’s Federal Budget & Debt Burden In 2011
While President Obama is likely to pursue the implementation of his tax proposal in the lead-up to the elections, the motion is unlikely to be passed in Congress, at least for this year, given the political heat surrounding the Presidential race.
The US Congress, according to the poll results, has continued to receive the worst review from voters. Just 19 percent of the respondents approved of the job Congress was doing, which is the lowest it has been since last August debt limit standoff.
