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37% Favor Obama’s Deficit Reduction Plan, 42% Oppose

While many voters nationwide oppose President Obama’s new deficit reduction plan, most support raising taxes on the wealthy. 

A new Rasmussen Reports national telephone survey finds that 37% of Likely Voters favor the deficit reduction plan proposed by the president, while 42% oppose it.  Another 21% are not sure.  (To see survey question wording, click here.

The proposal calls for a minimum tax rate for individuals making more than $1 million a year.   Fifty-three percent (53%) of voters favor such an approach which the president has called the “Buffet Rule,” a reference to billionaire investor Warren E. Buffet, who has complained that the wealthiest Americans pay a smaller share of their income in federal taxes than do middle-income workers.  

Most voters believe the middle class pays more in taxes than high income earners.[link to our story] However, an Associated Press analysis found that the wealthiest Americans pay a significantly larger share of their income in taxes.[link to AP fact check story on obama speech]

Just 29% oppose the minimum tax rate for million dollar earners while 17% more are undecided. 

Obama’s plan also includes repealing the Bush era tax cuts for couples making more than $250,000 a year, and a plurality (45%) favor such a proposal.  Thirty-nine percent (39%) oppose repealing these tax cuts, while 16% are not sure. 

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The survey of 1,000 Likely Voters was conducted on September 20-21, 2011 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

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