President Obama's solution to the national debt crisis facing America is simple: tax the only people (the evil wealthy) who are actually spending money during these near-recession times in hopes of fueling more public revenue to lower the annual deficit.
Failing to account for the recession that would follow by wealthy Americans not spending anymore and small businesses forced to fire employees to stay in the black, because their federal taxes will rise to nearly 40% in time for President Obama's reelection next November.
This proposal would gut the Bush tax rates that spurred nearly four straight years of job growth and revenue increases and replace them with even more oppressive taxes in the middle of our second economic downfall in just four years. Its economic foundation is class warfare and politics; not economic growth, and revenues.
If President Obama wants to play the populist "tax the rich" role - let him, because the Republican Party will not stand for higher taxes on American businesses and wealth producers. We will take the political hit if need be, because some things are more important than grandstanding, which this President never learned in school.
What say you?
No comments:
Post a Comment