By Vicki Needham - 09/24/12 04:32 PM EDT
In addition, about 75 percent say sequestration should not go into effect next year.
Most, 87 percent, say that uncertainty about fiscal policy is holding back the pace of economic recovery.
In the March survey, 50 percent of respondents favored spending cuts versus 11 percent who favored tax increases.
Meanwhile, about 60 percent consider current monetary policy to be "about right" and 75 percent say short-term interest rates will remain unchanged over the next 12 months.
The survey was conducted before the Federal Reserve announced a third round of quantitative easing on Sept. 13, and nearly 60 percent of the panelists said that the Fed should not undertake more stimulus.
Congress is talking about tackling a tax code overhaul next year, despite a gulf between Democrats and Republicans over how to proceed.
Before that, though, lawmakers are going to have to reach an agreement on a batch of expiring tax policies and scheduled spending cuts, lined up for the first of 2013, during a lame-duck session that starts a week after the November elections.
The survey showed there is less agreement regarding the permanent extension of tax cuts.
Although 75 percent of those surveyed think that the payroll tax cut should not be permanently extended, the percentages of those favoring a permanent extension of the current tax rates on income, dividends and capital gains are about the same as those who think these tax rates should not be made permanent — between 30 to 40 percent falling on each side.
Only a small minority, less than 15 percent, think that the payroll tax should be permanently extended at its current rate, while upward of 45 percent of those asked favor a permanent extension of current tax rates on income, dividends and capital gains.
A much smaller percentage of survey participants favors keeping the reduced tax rates only for households earning less than $250,000 per year.
When it comes to reducing the burgeoning federal deficit, while there is a lean toward spending cuts, about 90 percent would prefer some combination of spending cuts and tax increases to reduce the federal budget deficit that will eclipse $1 trillion again this year.
Meanwhile, a majority favors tax reform that boosts tax revenue rather than reduces revenue or is revenue-neutral, but most favor only a “slight” increase in revenue rather than a “significant” increase.
When asked “on what areas should tax reform efforts for individuals focus,” the option of broadening the tax base via subsidy/loophole reduction or removal received the most support from the NABE panel.
Changing the income-based tax system to a consumption-based system was a distant second, with reducing marginal tax rates in third.
Two-thirds of the panelists believe that a Volcker-type rule, which would prohibit banks from engaging in trading for their own accounts, should be enacted, and 70 percent of the panelists favor approval of the Keystone oil pipeline.
There is also a widely shared expectation that healthcare costs in the United States will account for a larger share of economic growth in 10 years than they do at present, assuming that the healthcare reform law is not repealed.
Finally, more than 60 percent of the NABE panel expects that in five years, the European Union will have fewer than its current 17 member countries.