If GOP politicians can't figure out any good arguments to oppose tax increases, I’ll give them a few.
First of all, Obama and the Democrats argue that the wealthy don't pay their "fair share." Really? The top 1% pay 40% of all the taxes. That's not "fair?" They also account, according to the New York Times, for 33% of consumer spending and 30% of all charitable giving.
So if everyone agrees that allowing a tax increase on the middle class, in the middle of an economic crisis, is bad for business, why would it be okay to raise taxes on the group that makes 33% of all purchases in the economy? You mean high income taxpayers won't cut down on spending, buying homes, starting businesses, and creating jobs? Wow, if that's true, monkeys can fly, hell is freezing over, and Democrats can defy the forces of gravity.
Only those totally ignorant about the economy, those who have never actually created a job, believe the fairy tale that taking money away from the top spenders, investors and job creators isn’t going to further damage the economy.
Secondly, Obama claims that it's “fair” to go back to "Clinton-era tax rates." Well that's just not true. Under Clinton, there was no Obamacare. The new healthcare law raises taxes dramatically on the highest income earners. So by combining income tax increases with Obamacare taxes, the highest earners will pay substantially more than under Clinton. So Obama’s claim is a lie.
More importantly, Obama is comparing apples to oranges. Economic growth is about more than taxes. It's about regulations, mandates, entitlements, and spending. So next time Obama suggests it’s “fair” to go back to Clinton era tax rates, the GOP should say it’s only “fair” to go back to Clinton era spending, regulations, and welfare reform. Let’s agree to roll back all spending, entitlement increases, government programs, and regulations enacted since Clinton. That's the only compromise the GOP should agree to.
Obama and the Democrats also love to point to Ronald Reagan as a man willing to raise taxes. Reagan was actually the greatest tax cutter in American history. He cut income tax rates from 70% to 28%. This massive tax cut saved the U.S. economy, directly created over 20 million jobs, and motivated record-setting economic growth.