July 14th, 2011
02:15 PM ET

Republican tax stand a bust with public

NEW YORK (CNNMoney) - House Republicans who refuse to consider tax increases as part of a debt ceiling deal are out of step with most Americans, according to two new polls.

That's bad news for Republicans who are betting the farm on resisting Democratic efforts to raise taxes on the rich.

When looking to reduce debt, politicians can employ two tactics. The first is to cut spending. The second is to raise taxes. Most budget experts say you need to do both.

But House Republicans - an overwhelming majority of whom have signed a pledge to this effect - refuse to consider any kind of tax increase, not matter who it hits.

Turns out, most Americans don't share their conviction.

A full 67% of Americans favor a deal to raise the debt ceiling that includes taxes on wealthy individuals and corporations, according to a poll released Thursday by Quinnipiac University.

And according to Gallup, only 20% of Americans want a deal that consists only of spending cuts. That's the position of House Majority Leader Eric Cantor and many of his colleagues.

Instead, most Americans want the deal to include a mix of spending cuts and tax increases, something that is much closer to the bargaining position staked out by Democrats.

What kind of tax increases are being discussed?

FULL STORY on CNNMoney.com

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soundoff (One Response)
  1. Cheryl

    My sense of this is that the Republican argument doesn't hold water. The wealthiest Americans don't want to keep their money so that they can create more jobs. They want to keep their money so they can keep their money. I see it as a twin to trickle-down economics in that the money stays at the top, it doesn't trickle down, nor does it create jobs. Yes, we need to cut some bloated spending programs. But don't cut all the programs that help poor Americans survive and leave wealthy Americans, who can afford the sacrifice just fine thank you, untouched. Our country is well on the way to becoming a two-class nation, rich and poor, with nothing in between. Lets not take it further down this road.

    July 14, 2011 at 10:18 pm |