Vast Majority Wants Some Aspect of Bush Tax Cuts Extended; More Americans would make tax cuts temporary than permanent.
Byline: Lydia Saad
Synopsis: Most Americans want Congress to reauthorize some aspect of the Bush tax cuts that are about to expire. They are split, however, on whether Congress should maintain the tax cuts for everyone (40%) or set limits on how much income can be taxed at the lower rates (44%).
PRINCETON, NJ -- As Congress considers what to do about the Bush tax cuts that are set to expire at the end of this year, Americans are sending a clear signal that they want them extended in some shape or form. Forty percent want Congress to maintain the tax cuts for everyone, while 44% support setting limits on how much of wealthy Americans' income is eligible for the lower rates.
A follow-up question clarifies where Americans would draw that income line, using some widely discussed income thresholds. Relatively few Americans -- 5% -- would set the cutoff for receiving the Bush tax rates at $1 million, but 12% would set it at $500,000. Combined with the 40% who want no income cutoff, this means a 57% majority of Americans believe the Bush tax cuts should fully apply to household income under $500,000. An additional 26% would set the income threshold at $250,000. Thus, 83% are in favor of retaining the tax cuts on income up to that figure.
Additionally, those who want to extend the Bush tax cuts are divided over whether to make the cuts temporary until the economy improves, or permanent. Among Americans overall, slightly more (45%) think the tax-cut extension should be temporary than say it should be permanent (37%). This is in addition to the 13% who want the tax cuts to expire.
Income Differences Are Mild
No more than 15% in any income group wants the Bush tax cuts to expire this year, while the rest are about evenly divided between wanting them extended for all versus extended with income limits on wealthy Americans. Also, similar percentages at each income level, between 50% and 57%, believe an extension of the Bush tax cuts should be temporary.
There are greater differences among political groups. Still, even on this basis, relatively few Democrats, independents, or Republicans are in favor of having the tax cuts expire. The majority of Republicans want the tax cuts extended for everyone, while the majority of Democrats want them extended with income eligibility limits. Independents are evenly divided between the two alternatives.
Additionally, 56% of Republicans think the tax cuts should be permanent while an even larger majority of...
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