If you thought the fiscal cliff deal, ObamaCare and the Obama payroll tax hike would be the only increase we'd see heading into President Obama's second term, think again. Even after the rich got soaked on January 1, 2013, former House Speaker Nancy Pelosi said it was "absolutely not" the last tax increase we'd see. President Obama hinted at the same thing and yesterday during an interview with CBS News, he said, "There is no doubt we need additional revenue."
'I don't think the issue right now is raising rates," Obama said. The goal now is to find "smart spending cuts," "reduce health care costs," and "close loopholes and deductions."
"If you combine those things together, then we can not only reduce our deficit, but we can continue to invest in things like education and reserach and development
that are going to help us grow," Obama told CBS's Scott Pelley.
"There is no dobut we need additional revenue coupled with smart spending reductions in order to bring down our deficit. And we can do it in a gradual way so that it doesn't have a huge impact," he added.
We all know Obama is a tax the rich kind of guy, but it is important to call him out here on his "making healthcare more affordable" line. Just last week we heard from the IRS that ObamaCare will cost each American family a minimum of $20,000 per year.
As I've written before, the ObamaCare medical device tax will do the opposite of what Obama claims he wants: growth. Companies are already cutting full time workers to part time in order to avoid paying huge fees for healthcare and medical companies, specifically engineering companies, are shedding jobs at a rapid rate to cut costs in preparation for ObamaCare.
Not to mention, the administration hasn't presented a single plan on entitlement reform which is driving all of the country's fiscal problems, problems that can't be paid for even through 100 percent taxation of the wealthiest two percent.