Instead, voters want higher taxes on the rich. Imagine that:
The poll reveals that the public has little desire for an all-cuts approach to deficit reduction, and that by a 17-point margin (56% to 39%) it wants the next budget agreement to include new tax revenues from the wealthy and corporations, in addition to spending cuts. Independents favor a balanced approach by a 19-point margin and moderates support it by a 42-point margin.
The poll also shows that by a 40-point margin (68% to 28%) the public wants Congress to focus on both creating jobs and reducing the deficit, not to focus only on deficit reduction.
When it comes to what to do about the new $110 billion in automatic spending cuts, known as the sequester, which are set to kick in next January, the public by a two-to-one margin (53% to 27%) wants to see at least half of the cuts replaced with revenue from the wealthy and corporations.
And strikingly, voters overall support a proposal to cancel the sequester spending cuts entirely and replace them with new tax revenue from the wealthy and corporations by 16 points (50% to 34%).
“The poll reveals a public that wants any new budget deal to include significant new revenue from closing tax loopholes that benefit the rich and corporations,” said Geoff Garin, President of Hart Research Associates. “They do not just want a debate about cutting spending. The party that is on the side of a balanced approach will hit the sweet spot with the public.”
While there has been much talk in Congress about using any revenue generated from closing tax loopholes to reduce income tax rates, the poll shows that the public has almost no interest in this approach. Instead, by a margin of 82% to 9%, the public says revenue generated from limiting tax deductions for the wealthy or closing corporate tax loopholes should be used for public investments and deficit reduction.