Poll reveals Americans' views on government finance

A new poll suggests many Americans support President Barack Obama's proposal to increase taxes on the nation's millionaires.

The research, conducted by GfK and the Associated Press, found that at least 65 percent of respondents were in favor of requiring those with incomes above $1 million to pay at least 30 percent in taxes, compared to about 26 percent who opposed the idea.

At the same time, however, researchers found that more than half responded more positively to the idea of cutting spending to improve the government's fiscal situation, The Associated Press reports. Only about 30 percent suggested that higher taxes are generally a preferable solution.

This trend may be beneficial for day traders, given that financial transactions and capital gains have been considered and proposed as targets for higher taxation. A general sentiment favoring spending cuts, despite the specific support for this particular presidential proposal, could decrease the odds of lawmakers legislating higher day trading taxes.

The poll also determined that Congressional approval is at about 19 percent, which AP states is close to what was found last December. This remains close to the all-time low the survey reported last August, when only 12 percent of respondents said they approved of the job Congress was doing. At that time, legislators had just ended a struggle over whether to raise the debt limit. Some said they have not worked together effectively to cope with national economic difficulties and the budget deficit.