Young'uns decry taxes over spending cuts

The higher taxes position famously staked out by billionaire Warren Buffet, 82, stands in stark opposition to the generation — millennials —most likely to be crushed by the destructive power of progressive taxation.

That could be why 65% of millennials, roughly defined as ages 18-29, prefer reducing federal spending over raising taxes on individuals to balance the budget, according to a Generation Opportunity survey. The survey further states that 72% would decrease federal spending if given the opportunity to set America's fiscal priorities, while 61% would decrease taxes on individuals if given the opportunity.

“Millennials are acutely aware that they are going to have to foot the bill for the decisions elected leaders are making today,” Generation Opportunity Senior Vice President of Communications Matthew Faraci says in a statement. “Washington's continued failure to solve the nation's spending problems is perplexing to a generation that values genuine results over partisan finger-pointing.”

Adds Faraci: “Effectively, 16.4% of millennials are unemployed today, and they understand that taxing successful Americans who create jobs is only going to further impede already lackluster job growth.”

Generation Opportunity is a national, nonpartisan youth advocacy organization. It says its latest survey, of 1,000 millennials, is timely because it comes during fiscal cliff negotiations. But it also reveals a few pessimistic-leaning positions from young'uns nationwide. For example:

• Fewer than four out of 10, 38%, believe today's political leaders reflect the interests of young Americans;
• Barely one-third, 36%, agree with the following statement: “Generally speaking, things in the United States are heading in the right direction.”