Economists agree now is the wrong time to raise taxes on anyone when with zero job and economic growth. Obama himself admitted: “The last thing we want to do is raise taxes during a recession,” yet this is what Obama pushes for again, and again. Conspicuously absent from the president’s middle class fairy tale was any mention of the how the Obamacare tax penalty for not carrying health insurance will wipe out any Bush tax cut. But curiously, Obama doesn’t like talking about his shining $2.7trillion legacy.If his “core mission” was “to put people back to work,” Obama would “cancel all tax increases in 2013,” noted the Wall Street Journal and reform the tax code. This would encourage businesses to hire and put more money in all Americans’ wallets, not a precious few called the middle class.
From day one, Obama has commanded tax hikes on higher earners in the 2009 and 2010 budget negotiations and the 2011 debt ceiling battle. Congressional Republicans, House Speaker John Boehner, Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell have repeatedly said talk of tax increases is a non-starter to any negotiations. In an attempt to stick it to Republicans even more, Obama declared, “As soon as that gets done, we can continue to have a debate about whether it’s a good idea to also extend the tax cuts for the wealthiest Americans.” I’m sure Republicans in Congress laughed out loud in unison. That’s like saying Obama will tackle debt reduction, never gonna happen!
Even some Democrats expressed an aversion to Obama’s soak the rich, tax hike plan. The right thing for Obama to do and we know he’s obsessed with “doing the right thing,” would be to end his $5 trillion spending spree, tackle tax reform and debt reduction. Instead Obama ignored the Simpson Bowles debt reduction plan, a commission he created, and the bipartisan Congressional Super Committee budget negotiations both of which recommended an overhaul of the tax code.
By continuing to demand tax hikes on higher earners, small businesses included, Obama looks like an amateur, making a cheap political move to stir up his left wing base for votes when he knows it doesn't have a prayer’s chance in hell of passing Congress. “It’s time that we learned the lessons of our past and lay the foundation for a better future,” president Obama concluded Monday. Indeed his words couldn’t be more prophetic and the American people are probably thinking the same thing, that mistakes can be corrected.