Tax Hikes on the Wealthy? Not So Fast, Say Voters

President Barack Obama proposed a $4 trillion budget package Monday afternoon in hopes of boosting the middle class, but the budget will result in tax increases on businesses and the nation's wealthy individuals -- something most Americans aren't on board with, according to a new Rasmussen Reports poll released Monday.

The poll found most voters prefer to cut spending and don't see the need for higher taxes. Only 16 percent say they're in favor of a budget that increases spending while over half -- 54 percent -- prefer a budget that cuts spending.Only 21 percent think spending levels should remain about the same.

When it comes to increasing taxes, more than half -- 57 percent -- say additional tax hikes are needed to fund the federal government while only 26 percent say additional tax hikes are necessary.

When Congress was unable to reach a long-term budget agreement in 2013, it agreed to automatic across-the-board annual budget cuts. Obama says he wants to end the sequestration cuts. Thirty-five percent of likely voters favor ending these cuts and raising federal spending while a slightly higher number (40 percent) are opposed.

The poll of 800 likely voters was conducted Jan. 31-Feb. 1 by Rasmussen Reports.