One constant in American political life is that the American people believe tax hikes are bad for the economy. The latest Rasmussen Reports telephone survey found that 60% of voters hold that view while just 14% believe that raising taxes is good for the economy.

Seventy-four percent (74%) of Republicans believe that tax hikes are bad for the economy. That view is shared by 49% of Democrats and 60% of those not affiliated with either major party. This is one topic where views are shared across racial and ethnic lines—61% of White Voters believe that tax hikes are bad for the economy. So do 57% of African-American voters and 58% of all other voters.

Younger voters are even more firmly convinced of the link between higher taxes and hurting the economy than their elders. Seventy-percent (70%) of those under 30 hold that view along with just 53% of those over 65. In between those extremes, 60% of voters aged 30-64 share the same view.

Fifty-five percent (55%) say that tax cuts are good for the economy. Nineteen percent (19%) disagree and say that tax cuts are bad for the economy while 19% say they have no impact.

Fifty-four percent (54%) believe taxes will go up if Hillary Clinton becomes President. Fifty-one percent (51%) say an Obama Administration will lead to higher taxes and 33% expect that result from a President McCain.

If Obama is elected, 78% of Republicans expect a tax increase along with 32% of Democrats and 45% of unaffiliated voters.

If McCain is elected, 51% of Democrats expect a tax increase along with 16% of Republicans and 26% of unaffiliated voters.

An earlier survey found that 65% of voters are opposed to raising the capital gains tax. Most believe that specific proposal would be bad for the economy. Another survey found voters evenly divided over proposals for a gas tax holiday. That survey also found that just 37% of voters believe that the federal government needs more tax revenue to fund important national programs.

The economy has emerged as the top issue of Election 2008. Voters generically trust Democrats more than Republicans on the issue but trust John McCain more than Barack Obama.

The Rasmussen Consumer Index shows consumer confidence hovering above record lows while three-out-of-four Americans expect conditions to get even worse.

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