Republicans have a plan to “cut the deficit.” It is a simple one, they want to make cuts to Social Security a program that has never contributed one dime to the deficit. While it is true that more than $2.7 trillion of the national debt can be attributed to Social Security, that is because the government owes that money to Social Security.
They are staunchly opposed to the president’s proposal to raise taxes on the ultra wealthy in order to bring their tax rates more into line with the rates paid by the working men and women of the nation. That opposition could very well come back to haunt them at the polls.
A new AP-GfK poll found that 68 percent of Americans feel that the ultra wealthy are not paying their fair share and favor the president’s plan to raise taxes on some investment income, that now receives favorable treatment resulting in lower tax rates for those who earn the most.
The poll of 1,045 adults was conducted online Jan. 29-Feb. 2 and was designed to represent the population with a margin of error of plus or minus 3.5 percent.
The president’s plan, which he has called “middle-class economics” is designed to raise taxes on the wealthy and use the money to cut taxes for the middle class — a move that will do more to stimulate the economy than the Republican preference of taxing the rich less because they are the “job creators.” The middle class will spend more if their taxes are reduced while the wealthy will simply pocket the money.
While 68 percent of those surveyed said that the rich pay too little only 11 percent said that they pay too much and 60 percent said that middle class taxpayers pay too much in income taxes.
Bob Montgomery of Martinsville, Virginia who retired after 40 years working for an automobile dealership said that the rich are not paying their fair share.
“I think the more you make the more taxes you should pay,” said Montgomery. “I can’t see where a man makes $50,000 a year pays as much taxes as somebody that makes $300,000 a year.”
The president’s proposal to raise the capital gains tax on households reporting more than $500,000 in income was favored by 56 percent of those polled while only 16 percent were opposed. Democrats were more likely to favor it at 71 percent but 46 percent, nearly half of Republicans also expressed support.
One part of the president’s plan that did not meet with approval was the proposal to impose a capital gains tax on inherited stocks with only 27 percent in favor and 36 percent opposed.
h/t: Huffington Post