SBE Council Chief Economist on New Polling on Taxes

Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement regarding a new poll from Rasmussen Reports on taxes:

"In the midst of ongoing struggles over the federal budget and budgets in the states, Rasmussen Reports has come out with timely polling data on taxes. Three important points are: 1) 64% of likely voters think Americans are overtaxed, 2) 74% believe Americans should pay no more than 20% of their incomes in taxes, and 3) 59% say that federal tax increases should be approved by a vote of the American people.

"The signal is clear that Americans have had enough when it comes to taxes. Elected officials opposed to reining in government spending must take heed. Budget deficits at the federal, state and local levels need to be fixed on the spending side of the fiscal equation.

"Of course, these large majorities of Americans are correct in terms of the underlying economics as well. Increased taxes only hurt the economy by reducing incentives and resources available for entrepreneurship, investment, and job creation in the private sector. In addition, having the voters serve as a check on tax increases would be a sound way of counter-balancing the relentless push for ever-bigger government."