Obama's Tax Hikes and His War on Job Creators
Monday, September 19, 2011
Today, President Barack Obama is expected to announce his latest plan for reducing the deficit, and central to it are $1.5 trillion in new taxes, aimed predominantly at wealthy Americans. Unfortunately for the 14 million unemployed Americans, the President is continuing down his steady path of ushering in big spending policies, then turning to even higher taxes in order to pay for them. Who ends up paying the price? America’s job creators and those on the unemployment line.
It’s a “glut the beast” strategy the President has employed before–increase spending as much as possible, and then argue that the only answer to the massive deficits is to increase taxes. Last week, the President played that philosophy to a tee when he unveiled another series of tax hikes intended to pay for more stimulus–his newly unveiled $447 billion American Jobs Act. Not surprisingly, the tax policies the President proposed were more of the same he has offered up since he first took office.
In a new paper, Heritage’s Curtis Dubay explains that the tax hikes in the President’s plan would be permanent, while his jobs policies would be temporary. And, in a senseless irony, those taxes would be levied on the very job creators whom America needs to create jobs. Dubay writes:
by Mike Brownfield