“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now … Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”
– John F. Kennedy, Nov. 20, 1962
Americans understand history even though today’s Democratic party doesn’t. JFK got his tax cuts, and the economy prospered. Around 20 years later Ronald Reagan got his tax cuts and the economy prospered. According to the latest Rasmussen poll, Americans want President Obama and his progressive congress to act like Kennedy and Reagan.
With the President to announce a paradoxical spending freeze and jobs program, 59% of voters believe cutting taxes is better than increasing government spending as a job-creation tool. Only 15% of voters would rather see more spending.
Interestingly the President could use the 250 Billion Dollars not spent in the Porkulus, and the 250 Billion dollars returned by banks to the tarp program and create a very nice 500 billion dollar multi-year tax cut, all without adding one more dollar to the deficit
The nation’s unemployment rate stands at around 10 percent, and in early December, 67% of adults said they expected the unemployment rate to be the same or higher in a year’s time.
And if the President doesn’t change course their expectations will be more than realized.
Republicans and unaffiliated voters strongly believe that tax cuts are the best tool for job creation. Democrats are evenly divided. Among those in the president’s party, 33% say tax cuts are best, 30% say increased spending, 23% say neither, and 13% are not sure.
Regardless of what they think is best, most Democrats believe Congress and the president will increase spending. More than 80% of Republicans and unaffiliated voters agree.
This shows the lack of trust the American People have become about their leaders.
Obama campaigned on a promise to cut taxes for 95% of all Americans, but only six percent (6%) expect their taxes to decline during his presidency.
Concerns about spending played a major role in the unpopularity of the congressional health care plan. Most Americans believed the proposal would cost more than projected, increase the federal deficit and lead to middle class tax hikes.
Just 37% of voters now believe it is even somewhat likely that Congress will agree this year on a smaller, bipartisan health care plan.
Democrats from the start have viewed health care reform as the most important of the budget priorities listed by the president in February of last year. Republicans and unaffiliated voters consistently have said the president’s priority should be cutting the federal budget deficit in half by the end of his first term.
Most Americans favor the new effort by the president to recover some of the government bailout money by taxing the nation’s largest banks. However, most only want the banks who received bailouts to pay the tax, and they think other bailed-out institutions like Fannie Mae and Freddie Mac also should be taxed.
Most people also don’t realize that the President is making banks that already paid back their TARP funds with interest pay the taxes. Companies such as GM and GE, who also received TARP funds (but are run by friends of Obama) are not part of the President’s TARP punishment tax.