Poll: Americans say raise taxes on the rich rather than cut programs for the poor

Poll: Americans say raise taxes on the rich rather than cut programs for the poor

Take from the rich to feed the poor? That's what looks good to most Americans when it comes to negotiations over the so-called fiscal cliff.

A recent Pew Research Center poll showed that a whopping 69 percent of people approve of President Barack Obama's proposal to raise taxes on Americans making over $250,000 a year. And a majority, 58 percent, disapprove of fixing the country's financial problems by reducing spending for programs for the poor.

A majority of Americans also disapproved of cutting defense spending (55 percent), raising the retirement age for Social Security and Medicare (56 percent), and limiting the home mortgage tax deduction (52 percent), all a bit lower than the percentage of people who are against cutting anti-poverty programs.

Incidentally, limiting the home mortgage tax deduction would likely affect those rich folks who people want to tax, not middle-class or poor homeowners. As we've mentioned before, most of the $131 billion that the federal government loses in the mortgage interest tax deduction goes to the richest 20 percent of Americans. In fact, the amount the government spends on the mortgage interest tax deduction is more than three and a half times what it spent this year for the entire U.S. Department of Housing and Urban Development budget.

So, do you agree with this Pew poll? What's the best way for America to avoid diving off the fiscal cliff? Leave us a comment.

Photo credit: Shutterstock/Caution

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  • Should it come as any surprise that most Americans want to raise taxes on Obama Millionaires ($250,000), when most of those being polled pay no income tax? Look it up; it's true.

    Actually, since "skin" in the game is a favorite Obama phrase, how about the poor paying some taxes -- or I guess rebating some tax money, just so they have a stake in the country too, instead of just living off of the Obama "Millionaire"?

    And while the mortgage deduction would not exist were it not for the income tax, the trimming of the mortgage deduction, even on those Obama Millionaires will effect trades people and retail shops and anywhere else that extra money could be spent. The owner of the Quicky Mart does not sit home an clip coupons if he earns over $250,000 in a year.

    Not to mention, once they start chipping away at the mortgage deduction, you in the $50,000 to $100,000 Millionaire class will be next. That's ObamaMath.

    You don't care though. But the day is coming soon when you are going to run out of other peoples money, the money you think you deserve.

    Hello, Greece!

  • Skin in the Game: Who really pays taxes
    http://www.azchildren.org/MyFiles/fiscal%20publications/skin%20in%20the%20game%201-25-12.pdf

    jk

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