Word on the street in our nation’s capital is that prospects for a short-term budget deal may be brightening for a package that funds the federal government and replaces some or all of the sequestration spending cuts for 2014. As budget negotiators continue to work on some kind of bipartisan deal, a recent opinion survey conducted by Hart Research Associates may have a lot to say about what this still nascent deal looks like—specifically, the overwhelming popularity of raising new revenues by closing corporate tax loopholes.
Here are some of the poll’s most important findings:
- Americans overwhelmingly support a budget that raises new tax revenues over a plan that relies solely on spending cuts to address our nation’s fiscal challenges. Specifically, 58 percent support a budget that increases tax revenue from the wealthy and corporations, while only 36 percent support a budget that does not increase taxes on any American—a 22-point advantage for raising new tax revenues.
- And by significant margins, Americans see closing tax loopholes for profitable corporations as the best way to raise those revenues, especially in contrast to a plan that doesn’t raise any revenues at all. Specifically, 67 percent of Americans favor a budget that closes corporate tax loopholes and limits tax breaks for the wealthy, and only 28 percent support a budget that does not increase taxes on any American
- Healthy majorities support replacing at least half of the sequestration spending cuts with new revenues from closing corporate loopholes. Specifically, 53 percent support reducing the spending cuts by half and replacing them with new tax revenue from the wealthy and corporations, and only 27 percent want the cuts to go fully into effect—a 26 percent advantage for new revenues.
And support for new revenues spikes even higher when it comes to closing the most egregious tax loopholes, like those that promote shipping American jobs overseas or that those allow hedge fund managers to pay lower taxes than middle class families:
These kinds of results make it clear that raising new revenues by closing corporate tax loopholes has strong bipartisan support that Congressional negotiators should consider as they craft a budget deal for 2014.