Americans Oppose Tax Hike in Relationship to Debt Ceiling Regardless of Wealth Level

As President Obama pushes for a tax hike on the “wealthiest” households in conjunction with the spending reductions demanded by the Republicans in order to raise the debt ceiling, most Americans don’t support the tax hike at all.  Recent research conducted by Millionaire Corner/Spectrem Group with investors of all wealth levels indicates that 57% of investors are concerned about a tax hike, regardless of the amount of income and assets they hold.

A Rasmussen poll released this morning indicates that 55% of Americans don’t support a tax hike in relation to the raising of the debt ceiling.  That may be because only 23% of households, according to Millionaire Corner/Spectrem research believe the employment situation will improve in the next twelve months.  Overall, 35% of investors see the Economic Environment as the biggest challenge to their own household wealth.  Another 14% specifically cite the Political Climate as the biggest factor impacting their own household finances.

While you would expect the “wealthiest” Americans to be shivering in their shoes during the current debates, those with $5 million or more of net worth (not including their primary residence) roughly 61% are concerned or very concerned about a tax hike.  Interestingly, however, 52%----only 9% fewer, of those with $99,000 or less of net worth, are concerned about tax hikes.  Clearly even those individuals not within the “bulls-eye” of the alleged taxes are still very concerned.

Investors with wealth levels in between the highest and the lowest are also concerned about taxes.

Regardless of how the current debates may end, it is easy to believe that investors will not be increasing their confidence levels, or easing their fears regarding taxes, in the near future.