A new survey says six in 10 Americans approve of a tax package passed by the Senate on Wednesday, that would extend George W. Bush-era tax breaks for the wealthy and unemployment benefits, as well as cutting payroll taxes.

According to the Wall Street Journal/NBC News poll, nearly 70% of Republicans and 54% of Democrats are in favor of what's widely viewed as a compromise between President Barack Obama and Republican Party members. The package, valued at about $858 billion, was passed by the Senate with a more than a 4-to-1 margin. It still needs to be ratified by the House of Representatives.

Tax cuts have been a point of contention between Obama -- who has been looking to increase the tax rate on capital gains while supporting tax breaks for the middle-class and small businesses -- and Republicans, who say ending tax breaks for the wealthy would hamper the country's economic recovery.

As for those who disapproved of the plan, Democrats appeared to be the more dissatisfied. According to the survey, which polled 1,000 adults earlier this month, over twice as many people said Obama sacrificed too much of his position than those who said the Republican party gave up too much.

Three other major surveys
, meanwhile, are also showing strong support for the tax-cut package.

Increase your money and finance knowledge from home

Introduction to Retirement Funds

Target date funds help you maintain a long term portfolio.

View Course »

Building Credit from Scratch

Start building credit...now.

View Course »

Add a Comment

*0 / 3000 Character Maximum


Filter by:

food control, paying peeps to stay home, filling pockets of politicians and begging for more government...sheepies

December 16 2010 at 6:49 AM Report abuse -1 rate up rate down Reply

Your poll is total bullcrap. Who did the poll wall street big corporations and your printing this is criminal at least. Bad enough government and big business is corrupt but so is this report. I asked over 200 people and i got 188 against it and 43 for it with 6 no opinion. How about publishing this report.

December 16 2010 at 12:20 AM Report abuse -1 rate up rate down Reply
1 reply to bill's comment

Bill, the reasons that polls such as those from WSJ/NBC News are reported is because of their history and reputation of implementing polling techniques that are designed to gauge opinions from a broad and representative swath of the populace. If on the other hand you limit responses to others who belong to the same intellectually defenseless herd as yourself, you'll receive the predictable sheeple-esque groupthink you've "reported".

December 16 2010 at 11:00 AM Report abuse +1 rate up rate down Reply

I need the Fed tax cut so I can afford to pay my State tax!

December 15 2010 at 9:57 PM Report abuse +5 rate up rate down Reply