Tags: Survey | Americans | Bush | Tax | Cuts

Survey: Most Americans Want Bush Tax Cuts to Stay

Thursday, 12 Aug 2010 10:01 AM

Most Americans are in favor of temporarily extending the Bush tax cuts for all taxpayers, including the wealthy.

Seventy-one percent of those polled by NBC News/The Wall Street Journal said they approve of extending all the cuts, including those for the wealthiest taxpayers, until the economy strengthens.

This stands in sharp contrast with the Obama administration and Democratic leaders in Congress, who want to extend the cuts only to those families earning less than $250,000 a year.

However, even though nearly half of the respondents said they could accept a permanent extension of all the tax cuts, two-thirds of them said they could accept the Obama administration’s position.

The Bush tax cuts were passed in 2001 and 2003 after the dot-com recession and 9/11. The cuts slashed income tax rates at every level, and later reduced capital gains and dividend taxes. The Bush cuts will expire en masse on Dec. 31, unless Congress renews them. Congress is wrangling over what to do about taxes. If it does nothing, the top rate will increase to 39.6 percent next year from 35 percent currently.

Former Federal Reserve Chairman Alan Greenspan, the architect behind the Republican administration's cuts, is now calling for their complete repeal.

“I’m in favor of tax cuts, but not with borrowed money,” Greenspan told The New York Times. “Our choices right now are not between good and better; they’re between bad and worse.”

Former GOP presidential candidate and U.S. Sen. Fred Thompson warns that not extending the Bush tax cuts could have "devastating" and "catastrophic" consequences for the American economy.

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Most Americans are in favor of temporarily extending the Bush tax cuts for all taxpayers, including the wealthy. Seventy-one percent of those polled by NBC News/The Wall Street Journal said they approve of extending all the cuts, including those for the wealthiest...
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2010-01-12
Thursday, 12 Aug 2010 10:01 AM
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